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confidential employee's scheduled day off, compensatory time off shall be granted or, <br /> at the option of the employee, compensation at a rate of pay equal to his /her regular <br /> rate of pay for the holiday period. <br /> 7.1(3) Floating Holidays <br /> Each management and confidential employee shall be credited with three (3) floating <br /> holidays on January 1st of each year. Management and confidential employees hired <br /> after January 1 stshall be credited with three (3) floating holidays upon hire. Floating <br /> holidays must be observed in the calendar year in which they are credited. <br /> See Appendix D for policies applicable to fire personnel. <br /> 7.4 Vacation <br /> 7.4(1) Vacation Eligibility /Allowance <br /> Management and confidential employees shall accrue vacation with pay in accordance <br /> with the following schedule: <br /> Years of Service Hour Accrual Rate Per Month Per Pay Period <br /> First through fourth 6.667 3.08 <br /> Fifth through ninth 10.000 4.62 <br /> Tenth through fourteenth 13.334 6.16 <br /> Fifteenth 14.000 6.47 <br /> Sixteenth 14.667 6.77 <br /> Seventeenth 15.334 7.08 <br /> Eighteenth 16.000 7.39 <br /> Nineteenth and above 16.667 7.70 <br /> The maximum monthly accrual rate shall be 16.667 hours. <br /> See Appendix D for policies applicable to fire personnel. <br /> 7.4(2) Vacation Leave Deficits and Accumulation <br /> Management employees must take two weeks of accrued vacation annually. If the <br /> circumstances are such that a manager is unable to take any additional accrued <br /> annual vacation, said additional unused vacation may, with the knowledge of the City <br /> Manager, be carried over to successive years. The requirement to take two weeks of <br /> Page 9 of 30 <br />