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Finance committee previews 4.5% COLA, one-time bonuses and health-insurance increase in draft budget
Summary
City Manager Glenn Adams told the finance committee the draft FY2025–26 budget includes a recommended 4.5% cost-of-living increase, a tiered one-time bonus program and a 4.75% health-insurance increase; staff said the budget can cover the proposals ahead of final council action Monday.
City Manager Glenn Adams presented the draft FY2025–26 employee funding package to the Homewood City Finance Committee on Sept. 24, saying the proposal includes a 4.5% cost-of-living adjustment (COLA), a tiered, one-time bonus program and the projected health-insurance increase the city received from its carrier.
Adams said the 4.5% COLA is what he is recommending to bring the city closer to pay parity with neighboring municipalities. “The 4.5% does, in fact, allow us to have the budget we talked about,” he told the committee.
The committee heard a…
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