File #: TMP-20653    Version: 1 Name:
Type: Item of Discussion Status: To Be Introduced
File created: 5/18/2017 In control: Council Compensation Review Committee
On agenda: 5/23/2017 Final action: 5/23/2017
Title: SELECTION OF ADDITIONAL ECONOMIC FACTORS TO ADJUST HONORARIA AND SELECTION OF AN ADJUSTMENT FORMULA The Committee met and discussed economic factors including unemployment rates and Consumer Price Index that would be applied as part of the calculation for an annual adjustment to the members of Council base compensation. The Committee decided to use the unemployment rate in the calculation to adjust compensation. The Committee evaluated the implications associated with adding additional factors such as population increases into the overall calculation. The Committee reviewed a potential formula to include unemployment rates in the annual adjustment, presented by the Chair. The Committee considered whether or not percentages for a maximum increase or decrease should be applied. D. McAlpine, City Clerk/Director of Legislative and Court Services discussed the implications of adding another factor to determine the annual adjustment in the context to the mandate of the Committee. ...
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Title

SELECTION OF ADDITIONAL ECONOMIC FACTORS TO ADJUST HONORARIA AND SELECTION OF AN ADJUSTMENT FORMULA

 

The Committee met and discussed economic factors including unemployment rates and Consumer Price Index that would be applied as part of the calculation for an annual adjustment to the members of Council base compensation.  The Committee decided to use the unemployment rate in the calculation to adjust compensation.  The Committee evaluated the implications associated with adding additional factors such as population increases into the overall calculation. 

 

The Committee reviewed a potential formula to include unemployment rates in the annual adjustment, presented by the Chair.  The Committee considered whether or not percentages for a maximum increase or decrease should be applied. 

 

D. McAlpine, City Clerk/Director of Legislative and Court Services discussed the implications of adding another factor to determine the annual adjustment in the context to the mandate of the Committee.  She noted the impacts on future adjustments that may result from potential decreases to the base compensation.

 

The Committee deferred the decision on the specific formula utilizing unemployment rates to determine annual adjustments to the next Committee Meeting.