MEMORANDUM
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
Kenneth C. Pennoyer, Director of Business Management |
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SUBJECT: |
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DATE: |
November 10, 2008 |
PURPOSE
The purpose of this report is to recommend enactment of a budget ordinance to appropriate funds for the award of the first annual Cal Horton Service Award.
BACKGROUND AND DISCUSSION
In conjunction with the retirement of W. Calvin Horton as Town Manager in 2006, the Foundation for a Sustainable Community Inc. raised $100,000 through voluntary contributions to establish an endowment in his honor to be used to recognize outstanding service by employees of the Town of Chapel Hill. Among other things, the memorandum of understanding between the Foundation and the Town stipulates that 50% of the interest earned annually on the endowment fund will be used for a cash award to be given annually.
The Town Manager has established a committee to accept and evaluate nominations for the award. The Town Manager will receive the Committee’s recommendation for finalists and the Manager will make the final determination of the award recipient.
Since its inception the Cal Horton Service Award Endowment Fund has earned $4,254 in interest. In accordance with the memorandum of understanding the actual award for this year will be 50% of the interest earnings or $2,127. In addition to the cash award the committee requested that that a portion of this amount be used for a plaque to commemorate winners of award and a medallion for the recipient. The allocation of the available funds is as follows:
Total |
$1,500 627 $2,127 |
RECOMMENDATION
That the Council enact the attached budget ordinance to provide $2,127 for the annual Cal Horton Service Award.