Agenda Item Title:
Authorize City of Rapid City employees to receive an additional Cost of Living Adjustment (COLA) in July of 2022 to account for unusually high inflation rates
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
06/15/2022
City Council Hearing Date:
06/20/2022
Staff Contact:
Mayor Allender
Agenda Item Summary:
The current inflation rate is at levels our country has not seen since the early 1980’s. When the City negotiated the COLA’s with our union groups and non-union employees we were at normal inflation numbers. COLA’s are commonly negotiated between 0-3%, which is usually enough to cover the increased cost of living. From March of 2021 to present the inflation numbers have risen from 1% to around 8%. The City would like to increase the COLA’s that were awarded in January of 2022, or are scheduled to be awarded in July of 2022, to account for this record inflation. This increase would allow our employees to have the same buying power they would have in a normal year.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Is Funding Budgeted?:
Not Budgeted
Recommendations:
Origination Recommendation Action:
Approve