Revenue Trigger. For FY 2009-10, FY 2010-11 and FY 2011-12, EAGLES agreed to xxxxxx- xxxxx and the City agreed to share a portion of revenue if actual reve- nues exceeded adopted budgeted revenues in the General Operating Fund according to the formula listed in the sections below. The reve- nue sharing provisions, as described in the sections below, are sus- pended in this agreement since this agreement provides compensation increases. Should the City seek concessions in the future, the Parties agree to consider a revenue sharing formula which shares the risk of revenues being significantly greater or lower than projected for that fiscal year.
Revenue Trigger. This provision provides for revenue-sharing with EAGLES employees if total audited revenues of the General Operating Fund for Fiscal Year 2011-12 exceed adopted budget revenues by Seven Hundred Fifty Thousand Dollars ($750,000) or more, excluding the category of grants, donations and interfund revenues and transfers. EAGLES employees employed on the last day of the respective payroll fiscal year will be paid an amount equal to 1 percent of their base annual salary as of the last pay period in the respective payroll fiscal year. The payment will be a lump sum payment made in the first payroll period in October. In the event that the total audited revenues exceed adopted budgeted revenues by Two Million Six Hundred Thousand Dollars ($2,600,000), the amount to be paid in one lump sum shall be calculated at three percent (3%) of base annual salary. These revenue triggers are lower than in prior fiscal years in recognition of the smaller number of groups to receive the revenue trigger in Fiscal Year 2011-12. This language reflects the current 2011-12 fiscal year City of Mountain View budget methodology used in developing the adopted Fiscal Year 2011-12 budget. If the City changes the main components of the budgeting system, EAGLES will be notified. Audited revenue is subject to review by EAGLES and City staff. Any discrepancies will be identified by EAGLES and shall be submitted in a written report to the Assistant City Manager and Finance and Administrative Services Director. Discrepancies identified by EAGLES' analyst will be reviewed by the independent City Auditor and shall be revised as agreed to by the City and EAGLES. The City will provide EAGLES, in writing, the dollar amount of the adopted revenue, excluding the category of grants, donations, and interfund revenues and transfers, by August 1, 2011.
