Reserve Requirement. The District and the Union have agreed that before the salary augmentation is implemented, a 10% reserve, which is comprised of the contingency reserve and general reserve, must be identified by June 30th of each year. If the reserve on July 1st is equal to or greater than the required reserve the salary augmentation will be implemented without adjustment to the elements of the formula. In the event that the reserve on July 1st does not meet the reserve requirement for the fiscal year, the District and union agree that the application of funds received from the State Cost of Living Adjustment, any Growth funding, and any additional salary increase, shall be used to meet the reserve requirement. Funds remaining after the reserve requirement is met will be distributed proportionately to employees using the salary augmentation scheme above.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement