Mayor's Transition Committee Briefing Documents: Audits

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Property The Authority owns properties within the City which were acquired in prior years . These properties were acquired in connection with its redevelopment and housing initiative activities and recorded as capital outlays expenditures in the Project Funds in the year acquired and therefore are not included in the General Fixed Asset Account Group.
Vacation and Sick Leave Employees earn vacation and sick leave as they provide services.
They may accumulate (subject to certain limitations) unu
...sed vacation and sick leave earned. Upon retirement, termination or death, employees may be compensated for accumulated unused vacation up to twice their current allowable annual vacation leave. Sick leave accumulates at the rate of 1 1/4 days for each calendar month with no maximum limit. Upon termination, employees with fifteen or more years of service may receive in cash a portion of their accrued but unused sick leave in accordance with an established formula.
The liability related to unused vacation and sick time is recorded in the General Long-Term Obligations Account Group (GLTOAG) .


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