City employees earn sick leave at a rate of 10 hours per month. A maximum of 150 days of sick leave can be carried forward from year to year.
All employees who retire under the provisions of the Ohio Public Employees Retirement System or the Ohio Police and Fire Pension Fund, or any other plan of the State of Ohio or the City of Oakwood, will be compensated for accumulated sick leave of sixty (60) days or more, upon the basis of one day’s pay for every three (3) days sick leave. If an employee has accumulated one hundred twenty (120) days of sick leave or more, the employee or his beneficiary will be compensated at retirement or death at one day’s pay for each two (2) days of sick leave, on the same terms as outlined above, but in place of the formula outlined above.
The total obligation for the sick leave accrual for the City amounted to $2,661,214 at December 31, 2024.
Note 13 – Fund Balances
Fund balance is classified as nonspendable, restricted, committed, assigned and/or unassigned based primarily on the extent to which the City is bound to observe constraints imposed upon the use of the resources in the government funds. The constraints placed on fund balance for the major governmental funds and all other governmental funds are presented below: