This is more from the June 2013 Benefits Hours Report I was telling you about yesterday.
[table id=79 /]
You can see that the banked comp (560) truly is banked, and the administrator-depositors are enjoying nice, risk-free annual increases when raises and COLAs are applied.
The caps on unused sick leave are very high in all departments. In fact, there are about 50 city employees who, thanks to overly-generous sick leave and/or comp time policies, could quit their jobs tomorrow and potentially walk away with checks for more than $50,000.
But why take my word for it? Request a copy of the report today. It’s a 20-page PDF.
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I don’t know how much of the $7.1 million total is categorized as Compensated Absences long term liability and how much is current, but we’ll find out soon. The Comprehensive Annual Financial Report (CAFR) for the fiscal year ending in June 2013 should be available any time now.
If memory serves, the liability has hovered around $5 million for the past couple years.