Subject: 10016/Budget/RetireIncentive(BudgetAmend#4) Date: Fri, 14 Sep 1990 15:47:00 -0500 ORDINANCE NO. 10016 AN ORDINANCE TO AMEND ORDINANCE NO. 9939, AS AMENDED, KNOWN AS "THE BUDGET ORDINANCE," SO AS TO PROVIDE FOR CERTAIN CHANGES IN THE ESTIMATED REVENUES AND APPROPRIATIONS SET OUT IN SECTION 5; SO AS TO APPROPRIATE TWO MILLION DOLLARS ($2,000,000) FROM THE GENERAL FUND BALANCE TO PAY FOR AN EARLY RETIREMENT INCENTIVE FOR THE CHATTANOOGA PUBLIC SCHOOL SYSTEM; ANY FUNDS NOT EXPENDED FOR THIS PURPOSE WILL REVERT BACK TO THE GENERAL FUND AT JUNE 30, 1994. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHATTANOOGA, TENNESSEE: SECTION 1. That Ordinance No. 9939, The BUDGET ORDINANCE, entitled: AN ORDINANCE TO PROVIDE REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 1993, AND ENDING JUNE 30, 1994, AND APPROPRIATING SAME TO THE PAYMENT OF EXPENSES OF THE MUNICIPAL GOVERNMENT; FIXING THE RATE OF TAXATION ON ALL TAXABLE PROPERTY IN THE CITY, AND THE TIME TAXES AND PRIVILEGES ARE DUE, HOW THEY SHALL BE PAID, WHEN THEY SHALL BECOME DELINQUENT; AND PROVIDING FOR INTEREST AND PENALTY ON DELINQUENT TAXES AND PRIVILEGES. be and the same is hereby further amended as provided hereinafter. SECTION 2. That the ESTIMATED REVENUE on page 3 of said Ordinance be and is hereby amended as hereinafter set out: 0C Substitute in Delete Lieu Thereof REVENUES FROM OTHER AGENCIES: Appropriation from Fund Balance $ 616,136 $ 2,616,136 AMENDED SUBTOTAL $ 95,827,990 $ 97,827,990 AMENDED TOTAL REVENUES $ 175,119,022 $ 177,119,022 3D3D3D3D3D3D3D3D3D3D3D3D 3D3D3D3D3D3D3D3D3D3D3D3D SECTION 3. That the APPROPRIATIONS in Section 5 of said Ordinance be and is hereby amended as hereinafter set out: Substitute in Delete Lieu Thereof GENERAL FUND APPROPRIATIONS: Appropriation from Fund Balance $ $ 2,000,000 TOTAL AMENDED $ 175,119,022 $ 177,119,022 3D3D3D3D3D3D3D3D3D3D3D3D 3D3D3D3D3D3D3D3D3D3D3D3D APPROPRIATION FROM FUND BALANCE: School Fund - Retirement Incentive $ $ 2,000,000 TOTAL AMENDED $ $ 2,000,000 SECTION 4. That a new paragraph be added under the caption "DEPARTMENT OF EDUCATION" on pages 9-10 as follows: DEPARTMENT OF EDUCATION ********** "There is hereby appropriated an additional sum of $2,000,000 to the Department of Education from the Unreserved Fund Balance of the General Fund; said appropriation being for Fiscal Year 1993-94 only and not to be considered for funding in future fiscal years. This additional appropriation is to be used solely to pay for an early retirement incentive for the Department of Education and any unobligated funds shall revert back to the General Fund at June 30, 1994." SECTION 5. That the total appropriations listed on page 9 be amended by adding the following: Substitute in Delete lieu thereof Early Retirement Incentive $ $ 2,000,000 AMENDED TOTAL $ 78,114,898 $ 80,114,898 3D3D3D3D3D3D3D3D3D3D 3D3D3D3D3D3D3D3D3D3D SECTION 6. That the only employees eligible for this one-time incentive shall be teachers and senior administrative personnel of the Chattanooga City School System. These employees must be eligible to retire under the Tennessee Consolidated Retirement System, the General Pension Plan, or be at least age 55 and have at least 25 years of credited service for retirement with at least 10 years of those years of service in the Chattanooga City School System. SECTION 7. That the lump sum incentive to be offered to employees shall not exceed 50% of annual salary. The actual percentage to be paid to employees may be determined by the number of employees choosing to participate. SECTION 8. That the City Finance Officer be and is hereby authorized to disburse said funds to the Chattanooga Public School system upon receipt of the following information: (1) Teacher's name; (2) Teacher's individual base salary; and (3) Copy of teacher's retirement commitment. The Chattanooga Public School system will then disburse individual funds to the teachers. SECTION 9. That this ordinance shall take effect two (2) weeks from and after its passage as provided by law. PASSED on Third and Final Reading February 22, 1994. s/s CHAIRPERSON APPROVED: X DISAPPROVED: DATE: February 23, 1994. s/s MAYOR MAM:cjc 0C