06.01 - Accounting and Reporting Policies

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For governmental-type funds, the City will record all revenues received within 60 days after year end(that relate to prior year services) as revenues for the prior year fiscal accounting period. E. REPORTING LEVEL—STATEMENT OF ACTIVITIES The government-wide Statement of Activities will report revenues and expenditures at the function level and by government-type and business-type. Revenues from fees, charges, fines and other; operating grants; and capital grants will be broken out by: government-type: general government,public safety,public works, health and welfare, culture and recreation, conservation and economic development, and interest on long term debt, and business-type: water and sewer. General Revenues will be reported together regardless of function. Totals will be separated into government-type and business-type activities. Transfers between government-type and business-type funds will be shown in this section also. F. COMPENSATED ABSENCES Compensated absences will be reported for vested sick leave, vacation, and compensatory time hours. Vacation hours are accrued by regular full-time employees and regular part-time who maintain an average of 20 hours per week. Employees are entitled to carry over, at the end of each year, a maximum total of eighty(80) hours of vacation and compensatory time for regular full-time employees and the prorated maximum for part-time employees. The amount may include up to 40 hours of compensatory time. Employees who reach an accrual balance equal to or less than that allowed will lose excess hours remaining as of December 31 of each year. Vacation Severance Pa v- Employees leaving City service voluntarily and in good standing and who provide proper advance notice of two weeks are entitled to receive 100 percent of their remaining accrued vacation leave at their current hourly rate. Sick Leave hours are accrued by all full-time city employees up to 96 hours per year(or 1 day per month). Regular part-time employees shall be eligible for sick leave on a pro- rated basis,based on the number of hours actually worked. Sick leave may be accumulated to a maximum of 640 hours (80 days) and may be granted in units of not less than one (1)hour. Sick Leave Severance Pa v—Upon separation from employment, either due to retirement, voluntary or involuntary termination or for whatever reason, full-time and regular part- time employees who have accrued less than sixty(60) days of sick leave shall receive monetary compensation in the amount of ten percent(10%) in cash. Employees who have accrued more than sixty(60) days of sick leave shall receive monetary compensation in the amount of twenty-five percent(25%) in cash. 100% of the compensated absences will be reported as liabilities due within one year. Policies and Procedures.doc: 4/1/2005 5