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Mayor proposes long-term cost savings for comp time

By Joan F. Simoneau, Community Reporter

Marlborough – To protect the city's financial health, Mayor Arthur Vigeant asked the City Council to approve transfers of $2 million that will shore up both the stabilization fund and its obligations to future retirees for benefits. At the June 2 meeting, the mayor also asked for transfers totaling $150,000 to pay off employee compensatory time that has been accruing for several years.

The $2 million transfers will, if approved, bring the stabilization fund to more than $7 million, and the future obligations fund to more than $4 million. The request was referred to the Finance Committee for study and recommendation.

Compensatory time, known informally as comp time, are hours overtime that are not “paid” in cash, but rather as time off. When this comp time accrues, the value grows annually because of raises and inflation.

“Working with the union leadership and Personnel Director David Brumby, we sought to rectify the situation and bring about some long-term cost savings by paying out comp time now rather than at a later date with a higher rate of reimbursement,” the mayor said in his communication to councilors.

“Steps have now been put in place to ensure that moving forward comp time is not left to accrue and carry over into the next calendar year,” Vigeant said.

Short URL: http://www.communityadvocate.com/?p=50330

Posted by on Jun 11 2014. Filed under Byline Stories, Marlborough. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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