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HomeMy WebLinkAboutResolution-1987-1059 RESor>UTION NO. 1059 Series ot 1987 TI'rLg: A RESOLo'rION ESTABLISHING A 1988 PERFORMA'\ICE BONUS PROGRAM FOR EMPLOYEES O~ THE CITY OF WHEAT RIDGE, COLORADO, AND DESIGNATING A MAXIMUM OF $125,000.00 FROM SALES TAXES RECEIVED OVER fu~D ABOVE 'rHE AMOUNT OF $5,200,000.00 DURH1G 1988 AS 'fHE SOURCE OF [i'UNDS FOR SAID PROGRAM. WHEREAS, the budget oftl1e City of Wheat Ridge for 1988 projects sales taxes collections in the amount of $5,200,000.00; WHEREAS, said sales taxes, together with other sources of revenue, fund the operations of the City, including the payment of wages and benefits to employees; WHEREAS, it is the desi re of tl1e City Council of the City of Wheat Ridge to implement a matrix system of compensation for the employees of the City of Wheat Ridge; WHEREAS, adequate funding of said matrix in a manner allowing proper recognition of outstanding performance, and turther allowing for progression through the pay grades established by the City Council, is dependent upon sufficient generation of revenues, through sales taxes and other sources, to enable the City Council to budget amounts sufficient to fund said matrix and at the same time to provide programs and services for the citizens of the City, all being accomplished within a balanced budget, as required by the City'S Charter; WHEREAS, the City Council, in its effort to fulfill all bona fide requirements incumbent upon it, wishes to establish, on a one-time only basis, a 1988 Performance Bonus Program to be funded to a maximum at $125,000.00 from sales tax revenues derived and collected in excess of those projected within the 1988 budget; NOW 'rHt:REFORE, BE I'r RESor~VED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO, ,ns FOLLOWS: 1. There is hereby established, for fiscal and calendar 1988, the 1988 Performance Bonus Program which shall consist of twenty-five percent of all sales taxes derived and collected in excess of the amount of $5,200,000.00, to a maximum of :?125,OOO.OO. 2. The tunds which constitute the 1988 Performance Bonus Program shall be utilized by the City Administrator in implementing the matrix pay plan adopted by the Wheat Ridge City Council in an equitable manner so as to recognize the outstanding performance by the employees of the City ot Wheat Ridge during 1988. 3. Upon the amount of ~125,OOO.OO being derived for the 1988 Performance Bonus Program, any additional funds collected through sales taxes shall be equally divided between the capital improvement tund and the general tund. 4. In the event that sales taxes derived and collected do not reach the amount of $5,200,000.00, it shall be necessary during 1988 or succeeding years to institllte appropriate reductions in expenditures, to be determined by the City Council in the exercise ot its legislative discret1on, which reduction 1n expenditures may include reductions in the number of personnel authorized by and within the City's budget. DONE .~D RESOL~ED this 26th day ot Octohf'r , 1987. ----- '--: .:1;,: .,h-,La:- Frank Sti~es, Mayor AT'l'EST: , / -/-. I ;, t.. t- Wanda sa;g; Citi' Clerk L