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CHFA Personnel Committee unanimously recommends FY 2025 personnel budget with 6% combined COLA and merit pool
Summary
The Connecticut Housing Finance Authority Personnel Committee voted unanimously on Sept. 24 to recommend the FY 2025 personnel budget to the CHFA Board, which includes a not-to-exceed combined cost-of-living adjustment and merit pool equal to 6% of the FY 2024 salaries budget; individual increases may vary by performance and market conditions.
The Personnel Committee of the Connecticut Housing Finance Authority (CHFA) on Sept. 24 reviewed and unanimously recommended that the CHFA Board approve the authority’s proposed FY 2025 personnel budget, which includes a combined cost-of-living adjustment (COLA) and merit pool equal to 6% of the FY 2024 salary budget.
Nandini Natarajan, CHFA chief executive officer and executive director, reviewed the budget proposal for the committee. Board member Lisa Tepper Bates asked that the supporting memorandum be revised to clarify the draft budget’s wording: the 6% figure is a not-to-exceed combined COLA and merit pool applied to the FY 2024 salaries budget, and individual salary increases and one-time adjustments may be more or less than 6% depending on employee performance and general labor market wage conditions.
Lisa Tepper Bates moved to recommend the proposed FY 2025 personnel budget to the CHFA Board of Directors; Heidi DeWyngaert seconded the motion. Committee members voted unanimously in favor of the recommendation.
The committee’s action is a recommendation to the full CHFA Board; the transcript records the committee’s vote but does not record final Board action on the budget. The meeting also included routine business: the committee considered and approved the April 23, 2024 Personnel Committee minutes by unanimous vote and adjourned at 2:22 p.m. The minutes note an adoption date of Jan. 29, 2025.
