Laserfiche WebLink
CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />The City has not implemented retroactive reporting of its infrastructure as of December 31, 2004. <br />For depreciated assets, the cost of normal maintenance and repairs that do not add to the value <br />of the asset or materially extend asset lives are not capitalized. <br />Major outlays for capital assets and improvements are capitalized as projects are constructed. <br />Interest incurred during the construction phase of capital assets of business -type activities is <br />included as part of the capitalized value of the assets constructed. <br />7. Compensated Absences <br />a. Sick Leave — primary government employees earn sick leave at the rate of two - thirds days for <br />each completed month of service. Sick leave may accumulate to a maximum of ninety days <br />for policemen, one hundred days for firemen, sixty days for teamsters, and sixty -five days for <br />all other employees. Accumulated sick leave is paid to firemen, to policemen, and to team- <br />sters, upon termination of employment, at one -half their current pay rate, at a rate of one -half <br />the corporal's rate of pay up to a maximum of sixty days, and $25 for each accumulated sick <br />leave day, respectively, at the time of retirement. <br />b. Vacation Leave — primary government employees earn vacation leave at rates from nine days <br />to twenty -eight days per year based upon the number of years of service, employee classifi- <br />cation, and hire date during the first year of employment. Vacation leave does not accu- <br />mulate from year to year, except in instances where special cases are approved. Employees <br />earn vacation leave during the year to be used the following year. Unused vacation leave is <br />paid to employees upon termination of employment. <br />c. Personal Leave — primary government policemen earn personal leave at the rate of seven <br />days per year. Personal leave does not accumulate from year to year. Unused personal <br />leave maybe rolled into sick leave. City employees under the teamster contact can use their <br />sick leave for personal leave. <br />d. Compensatory Leave — Policemen and firemen have accumulated overtime - compensatory <br />leave for a variety of reasons. <br />A liability is recognized in the government -wide financial statements and proprietary fund types for <br />sick leave and for compensatory leave of firemen and policemen, and for unused vacation leave <br />all other City employees. <br />8. D.R.O.P. Payable <br />Pursuantto Indiana Statute, certain City policemen and firemen are eligibeforthe deferred retire- <br />ment option plan (D.R.O.P.). Active policemen and firemen who are eligible to retire before <br />December 31, 2007, can declare their retirement date and then receive a lump sum at retirement <br />based on pension factors. The lump sum amounts for those who have declared are recognized <br />as D.R.O.P. payable. The liability is recognized net of a 50% reduction which is the minimum that <br />the State will reimburse in the following year. <br />33 <br />