65-2 #60 August 10, 2011

Fiscal Leap Year Impact on Bi-weekly Paycheck

See below excerpt from Department Order #54:

2.5 FISCAL LEAP YEAR

Fiscal Leap Year Begins 07/01/11 and ends on 06/30/12. Payrolls will be calculated on a leap year basis commencing with pay periods covering any day falling on or after 07/01/11 and prior to 07/12/12. This means that any calculations utilizing 365 days as part of the formula will be changed to use 366 days for the Fiscal Year ending 06/30/12. Bi-weekly paychecks beginning on 07/08/11 will be prorated. This change in calculation during the fiscal leap year will result in a small decrease in gross pay.

Fraternally,

Stephen J. Cassidy
President

Joseph A. Miccio
Recording Secretary