HomeMy WebLinkAboutMemo - Read Before Packet - 09/24/2024 - Memorandum from Teresa Roche and Kelley Vodden re Talent Costing Impact for 2025 and 2026 Budget YearsHuman Resources Department
215 N. Mason St, 2nd Floor
PO Box 580, Fort Collins, CO 80522
970-221-6535
humanresources@fcgov.com
MEMORANDUM
Date: September 22, 2024
To: Mayor and City Councilmembers
Through: Travis Storin, Chief Financial Officer
From: Teresa Roche, Human Resources Executive
Kelley Vodden, Director of Compensation, Benefits, and Wellness
Subject: Talent costing impact for 2025 and 2026 budget years
BOTTOM LINE
HR has been asked to provide the financial impact related to the current compensation strategy
for the 2025 and 2026 budget. Specifically, the costs associated with the incremental total
compensation for each budget year respectively, in addition to the .5% incremental costs for
each budget year. This information is depicted below for both City-Wide and the General Fund
separately:
Salary Cost Benefit Cost Total Compensation
2025 4% Total Increase 171,402,482$ 54,063,900$ 225,466,382$
2025 Incremental Cost 6,404,263 1,078,212 7,482,475
.5% Increment Equiv.800,533 134,777 935,309
2026 3% Total Increase 176,417,675$ 56,359,038$ 232,776,713$
2026 Incremental Cost 5,002,468 847,736 5,850,204
.5% Increment Equiv.833,745 141,289 975,034
Salary Cost Benefit Cost Total Compensation
2025 4% Total Increase 80,436,839$ 25,330,558$ 105,767,397$
2025 Incremental Cost 2,982,377 534,141 3,516,518
.5% Increment Equiv.372,797 66,768 439,565
2026 3% Total Increase 82,767,707 26,407,464 109,175,171
2026 Incremental Cost 2,326,269 421,444 2,747,713
.5% Increment Equiv.387,712 70,241 457,952
City-Wide Talent Costing
General Fund ONLY Talent Costing
Docusign Envelope ID: 8EA298A8-768F-4454-9739-3BDC156375CE
NEXT STEPS
If there are additional follow-up items as a result of this information, please let us know and we
are happy to provide more information if needed.
Docusign Envelope ID: 8EA298A8-768F-4454-9739-3BDC156375CE