Fiscal Year 2004. 05: A pay for performance wage adjustment for a temporary period of time up to two percent (2%) of an employee’s biweekly rate may be made to an employee pursuant to the provisions which will be implemented in the Quality First Program.
Fiscal Year 2004. The Fiscal Year 2004 Budget of $1.5 billion represented a 5.5% increase over the Fiscal Year 2003 Budget. The Fiscal Year 2004 Budget was based on assumptions of continuing slow growth in the local economy, cuts in State Revenue Sharing and controlled spending. The City’s total revenue sharing payments for fiscal 2004 were expected to amount to $290.3 million. This was a $43.6 million or 13.1% reduction from the prescribed amount pursuant to the 1998 Amendments. Actual payments received for fiscal 2004 were $286.5 million. Income tax collections for fiscal 2004 were budgeted at $300.4 million, representing a 7.1% decrease from the prior year, reflecting once again the economic challenges in the City’s and State’s economies, as well as the 0.1% reduction in the income tax rate. In December 2003, the City requested and received approval from the State to suspend its income tax rate reduction for a one-year period concluding July 1, 2005. Actual income taxes received for fiscal 2004 were $290.6 million. Property tax was budgeted at $188.2 million, a 7.7% increase over fiscal 2003. The City contracted with an outside collection firm to collect delinquent property taxes owed for years prior to fiscal 2003, income taxes and water/sewerage bills. Although actual collections were less than expected, property tax collections for fiscal 2004 amounted to $184.8 million, which included the payment of $37.4 million received from the County upon the transfer of fiscal 2003 delinquent real property taxes to the County for collection. The wagering taxes were budgeted for a small increase of $5 million or 4.8% over the Fiscal Year 2003 Budget. Actual wagering taxes collections for fiscal 2004 were $116.1 million, a $4.8 million (4.3%) increase from actual collections in fiscal 2003. The City also received a nonrecurring additional payment from the casinos aggregating $38.3 million in fiscal 2004 related to the renegotiation of the location (no longer on the riverfront) and hotel size of the permanent casino facilities (each reduced to 400, instead of 800, rooms). While budget expenditures were reduced in a number of major categories, there were some significant adjustments related to personnel costs. The Fiscal Year 2004 Budget included a proposed wage increase of 5% for uniformed employees, a 2% increase for civilian employees and special pay adjustments for certain employee categories. Employee benefits experienced a significant increase due to higher health insurance co...
Fiscal Year 2004. Effective July 1, 2003, employees hired above the starting salary on the wage scale will be informed in writing whether they will be frozen on the wage scale for any specified period of time. Such employees shall sign an acknowledgement that they have been informed of their future movement on the wage scale. Nothing in this subsection shall be construed to deny such employee any movement on the pay scale to which that employee would otherwise be entitled under the Agreement. Effective July 1, 2005, the May 1, 2005 wage scale will be converted from steps to a Min-Max system. The May 1, 2005 wage scale will be used with grades P05 through P24 Step A as the new Min rate and Step T as the new Max rate. Two new grades, P25 and P26 will be added to the new Min-Max scale. Each new grade will be five percent (5%) more than the next previous grade. An employee will be eligible to advance to the next step for his/her grade on his/her anniversary date at the rate of one (1) three and one-half percent (3.5%) step per year provided that he/she receives a satisfactory performance evaluation for the preceding year.
Fiscal Year 2004. Effective July 1, 2003, employees hired above the starting salary on the wage scale will be informed in writing whether they will be frozen on the wage scale for any specified period of time. Such employees shall sign an acknowledgement that they have been informed of their future movement on the wage scale. Nothing in this subsection shall be construed to deny such employee any movement on the pay scale to which that employee would otherwise be entitled under the agreement.
Fiscal Year 2004. Unless the Executive gives notice of termination pursuant to Section 10(e) below, he will be eligible to receive an additional one million shares of restricted stock subject to Board approval for the employment services retained herein to be rendered between July 1, 2003 and June 30, 2004. The Board will be asked to approve this grant of restricted stock at the last regularly scheduled Board meeting prior to June 30, 2003. For the purposes of determining the Executive's compensation with respect to such grant, the grant shall be priced at the closing trade price on the day of approval. Assuming Board approval is given, 440,000 shares will time vest in twelve equal parts with one-twelfth vesting at the end of each month with such vesting beginning July 1, 2003 and continuing through June 30, 2004 so long as the Executive remains employed by the Company. The remaining 560,000 will vest at such time, and in accordance with such performance qualifications, as determined by the Board at the meeting approving the grant of the shares.
Fiscal Year 2004. Notwithstanding any other term or provision of this Agreement, the Employer may terminate this Agreement at any time upon at least 5 days' notice to the Executive after June 30, 2003. In the event of any such termination neither party shall have any further obligations to the other, financial or otherwise following the effective date of the termination.
