In 2023, Monroe County employees could see a $2,000 quarterly retention bonus, paid out quarterly.
The screen grab from the CATS broadcast links to the video recording, cued up to the start of the discussion about the potential $2,000 one-time bonus.
That’s in addition to the 5-percent COLA (cost-of-living adjustment) that their draft budget already includes.
The working number for the total 2023 Monroe County budget is in the ballpark of $90 million.
Here’s the back-of-the-napkin math some councilors did on Thursday: $2,000 times about 600 employees equals about $1.2 million more.
None of that is certain.
The next steps in the county’s budget process include a public hearing on Oct. 4 and a vote that is set for Oct. 18.
Discussion of the $2,000 retention bonus came on Thursday (Sept. 15), after five nights of budget hearings that stretched across two weeks. Monroe County councilors wrapped up the budget hearings with a discussion of employee compensation.
Continue reading “Monroe County 2023 budget notebook: Councilors mull $2K one-time retention bonus”
The past practice used by Monroe County to make a cost of living adjustment (COLA) for employees could lead to a historic fiscal impact on the 2023 budget.
That’s because the county’s fiscal body—the seven-member county council—has typically tried to key its COLA to the percentage increase in the consumer price index (CPI) between the previous December and the December before that.
That number is already in the books: 7.5 percent. That’s the percentage increase in the
US Bureau of Labor Statistics midwest urban CPI between December 2020 and December 2021.
And it’s the biggest December-to-December percentage increase in the CPI since 1979 to 1980, when inflation was at 12.2 percent.
The question of how to approach employee compensation for next year’s budget got some initial discussion at the county council’s Tuesday night meeting.
Continue reading “2023 budget notebook: Historic inflation, impact on pay get first look by Monroe County councilors”