ITEM TITLE:
Employee COLA
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $238, 641
Unencumbered Balance: n/a
Funding Source: Pro-rated among staffed departments
RECOMMENDATION:
Review and provide consensus direction to staff
SUMMARY STATEMENT:
• During a previous workshop, Council directed staff to present this topic using most-recent regional (Anchorage) official Consumer Price Index figures.
• The most recent six-month period reflects annualized inflation of 2.1%.
• This inflation figure would result in an additional budget appropriation of approximately $238K, based on current staffing and wage levels.
• Staff will have a calculator displayed during the workshop to show how different rates affect the proposed appropriation.
Attachment: Employee COLA.pdf