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time. Employees who reach an accrual balance greater than that allowed will lose <br /> excess hours remaining as of December 31 of each year. <br /> Vacation Severance Pay - Employees leaving City service voluntarily and in good <br /> standing and who provide proper advance notice of two weeks are entitled to <br /> receive 100 percent of their remaining accrued vacation leave at their current <br /> hourly rate. <br /> Sick Leave hours are accrued by all full-time city employees up to 96 hours per <br /> year(or 1 day per month). Regular part-time employees shall be eligible for sick <br /> leave on a pro-rated basis, based on the number of hours actually worked. Sick <br /> leave may be accumulated to a maximum of 960 hours (120 days). <br /> Sick Leave Severance Pay—Upon separation from employment, either due to <br /> retirement, voluntary or involuntary termination or for whatever reason, full-time <br /> and regular part-time employees with five to nine (5-9) years of service with the <br /> City of Pequot Lakes shall receive monetary compensation in the amount of ten <br /> percent (10%) in cash of unused sick leave up to 960 hours. Employees with ten <br /> (10) or more years of service with the City of Pequot Lakes shall receive <br /> monetary compensation in the amount of twenty-five percent (25%) in cash of <br /> unused sick leave up to 960 hours. <br /> 50% of the unused vacation and comp time balances plus 25% of accrued sick <br /> leave balances will be reported as liabilities due within one year. The city will <br /> review the compensated absences on an individual basis to determine if any <br /> portion of the liability should be reclassified to the other compensated absences <br /> liability account due to unusual circumstances. <br /> F. APPLYING RESTRICTED AND UNRESTRICTED NET ASSET <br /> RESOURCES <br /> The city will first use restricted resources to finance qualifying activities. Any <br /> remaining qualifying activities will be financed with unrestricted resources. <br /> G. ALLOCATION OF INDIRECT EXPENSES <br /> Indirect expenses will be allocated to the funds and departments that share in the <br /> expense, if determinable and possible. If the entire city or many city departments <br /> are involved, the cost will be recorded in the city hall department budget. <br /> H. CLASSIFICATION OF OPERATING AND NON-OPERATING REVENUES <br /> IN ENTERPRISE FUNDS <br /> Operating revenues in an enterprise fund are those that support the day-to-day <br /> operations of the activities in that fund. These revenues cover costs such as <br /> salaries, supplies, repairs and maintenance, depreciation, and small tools and <br /> equipment. <br /> - 5 - <br />