(a) Annually in April of each year beginning 2004 and continuing through April 2013 on the same basis, the Director of Finance shall determine the amount of increase or decrease in the Cost of Living Index over the preceding 12 month period as announced by the United States Department of Labor, shall report the same to Council, and shall make appropriate corresponding changes in the compensation to be paid Village employees for the next succeeding twelve months.
(Ord. 2012-13. Passed 5-7-12.)
(b) The percentage of change in the Cost of Living Index shall only be applied to the Base Rate of Pay as set forth in the table above and not to any employee’s current rate of pay computed as the result of the application of prior Cost of Living Adjustments so as to avoid compounding of increases or decreases.
(c) Should the change in the Cost of Living Index exceed 5% in any 12 month period affecting these employees, only the first 5% change shall be applied in full to the Base Rate of Pay with half (50%) of the next 5% of change to be applied. Should the change in the Cost of Living Index exceed 10% in any period of measurement only one-fourth (25%) of any excess over 10% shall be applied.
(d) In the year 2013 new Base Rates of compensation shall be established in each of the categories stated herein which Base Rates shall be the equivalent of the existing rate of compensation for each step as adjusted from time to time by the application of percent changes in Cost of Living Index Changes after completion of eight (8) years under this ordinance. Thereafter on each tenth anniversary of this enactment similar adjustments in the Base Rates of Compensation shall be made with the adjusted Base Rate reflecting in each case the current rate of pay in each category as it existed two years prior to such anniversary date.
(e) Notwithstanding anything to the contrary as set forth hereinabove, in any year, the Cost of Living Adjustment shall be adjusted or eliminated if the Council, by majority vote, declares, prior to the first regular pay date in April of that year, that any Cost of Living increase which would normally be awarded for that year shall either be eliminated or reduced, as Council may designate, for that year.
(f) Nothing in the foregoing provisions shall be construed to restrain or restrict the authority of any future Council to alter, amend, or repeal the structure of Cost of Living pay increases provided herein.
(Ord. 2004-09. Passed 4-5-04.)
(Ord. 2004-09. Passed 4-5-04.)