The parties agree as follows:
Having agreed the term of the Collective Agreement to be from April 1, 2006 to March 31, 2010, a Fiscal Dividend Bonus may be paid from a one-time fund (the "Fund") generated out of monies in excess of $150 million, surplus to the B.C. Provincial Government, as defined in the Province's audited financial statements, for the fiscal year 2009-2010.
1.0 Fiscal Dividend
1.1
If fiscal dividend funds are determined to be available, a Fiscal Dividend will be paid as soon as reasonably practical.
1.2
The quantum of the Fund accessible for the parties to this agreement will be based on the Province's audited financial statements as at March 31, 2010.
The Fund will be determined as follows:
i. The calculations will be based on the surplus, as calculated before deduction of any expense associated with the Fiscal Dividend Bonus, achieved in fiscal 2009-2010, as published in the audited financial statements for that fiscal year, provided that the surplus is in excess of $150 million.
ii. Only final surplus monies in excess of $150 million will be part of the Fund, and the total quantum of the Fund for the entire public sector (including all categories of employees) will not exceed $300 million.
iii. The quantum of the Fund will be constrained by the proportion of the public sector that is eligible to participate in the Fiscal Dividend Bonus (i.e., 100% of the Fund will be available if 100% of all categories of employees in the public sector under the purview of the Public Sector Employers' Council participate, but if a lesser number participate, a proportionately lesser amount of the Fund will be available).
iv. Additionally, the Fund will be proportioned among all groups of public sector employees by ratio of group population to total population participating.
1.3
The Fiscal Dividend Bonus will be paid to each eligible employee who is on the Employer’s active payroll on March 31, 2010.
1.4
The payment will be made consistent with the process for payment that of the One-Time Payment.
[Employees on Illness leave for the period will have their lump sum amount pro-rated based on the period of time on LTD only over the period.]
