(a) All Village employees, both full and part time, are hereby entitled to the right to participate in the Village’s annual Cost of Living Adjustment (COLA) Program at no cost to said employees.
(b) The COLA shall be based on the latest available consumer price index for Northeast Ohio in the smallest geographic area as published by the Bureau of Labor Statistics for the 4th Quarter.
(c) For the calendar year 2018, all said employees shall receive a one and six-tenths percent (1.6%) COLA increase to their salary or hourly rate to be paid with their regular payroll. In addition, for the calendar year 2020, all said employees shall receive a one and six-tenths percent (1.6%) COLA increase to their salary or hourly rate to be paid with their regular payroll.
(d) After the calendar year 2018, all said employees may receive a percentage of their annual salary or hourly rate as paid above as determined by Council, subject to the following conditions:
(1) Should CPI be negative during the specified period, a wage decrease will not be applied; and
(2) Maximum COLA increase shall be no greater than two and five-tenths percent (2.5%); and
(3) Total increase for all employees cannot total more than ten percent (10%) of General Fund balance and will be adjusted to ten percent (10%) total if greater; and
(4) COLA increase does not apply and will not be paid in any year if prior year total Village revenue decreases by more than ten percent (10%); and
(5) COLA increase does not apply if budget/appropriations for affected fiscal year increase by more than ten percent (10%) or should there be extraordinary and unforeseen expenditures of more than one million dollars ($1,000,000).
(Ord. 4055. Passed 12-18-19.)