At a Special Meeting-Study/Dialogue Session of the Jeffco Board of Education on April 20, 2017 the Financial Oversight Committee (FOC) provided the following Advice to the BOE (document here):
The FOC supports the staff recommendation to fund up to 1% of the COLA increase, using reserves if necessary, in the event state funding falls short of providing the budgeted 2% increase.
Who funds COLA increases from reserves? Even if you fund that year’s COLA increase from reserves, where does this money that is now built into compensation come from in following years if reserves were used this year?
That is pure and simple fiscal mismanagement of taxpayers’ money.
It’s bad enough that the staff would even make that recommendation (although they do have a history of bad recommendations). However, what’s even worse is that the Financial Oversight Committee would even support that recommendation.
This is just wrong on so many levels. Another bad staff recommendation and a Financial Oversight Committee that is not doing its job for us.