Here is his new contract.
https://www.mtlsd.org/uploaded/District/Contracts/District_Superintendent_Contract_101518.pdf
ARTICLE IV. COMPENSATION
4.0 Salary. The Superintendent's salary shall be increased by 3% to $224,357 per annum commencing July 1, 2019. In the second year of the contract and each year thereafter the Superintendent's compensation, if adjusted, will be adjusted pursuant to Section 4.2 hereof. Salary shall be payable pursuant to the School District's standard payroll schedule and procedures including any required withholding.
4.1 Fringe Benefits. In addition to the foregoing salary, the Superintendent shall receive all of the benefits, including postretirement benefits, set forth in Exhibit "A" hereto, which is made a part hereof.
4.2 Salary Adjustments. Any adjustments in the Superintendent's salary during the term of this Contract shall be deemed an amendment to this Contract provided, however, that such adjustments shall not be construed as either creating a new contract between the School District and the Superintendent, or in any manner extending the anticipated termination date of this Contract. At no time shall the annual salary of the Superintendent be decreased during the term of this contract. Additional compensation or increase in the Superintendent's annual salary shall be determined by the Board pursuant to performance evaluations conducted each year. If the Board determines that the Superintendent has met the mutually agreed to performance criteria described in Section 3 above,
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then the Superintendent's salary shall be increased by three (3%) percent effective as of the first day
of the contract year following the year reviewed.
In addition to any increase in base salary, the Board may, in its discretion, award additional
compensation in the form of a bonus if it determines that such bonus is appropriate in light of all
factors deemed relevant by the Board including the Superintendent's performance with regard to
student academic performance, or other Board identified goals or focus areas.
For comparison: Current contract and Amendment to current contract
For comparison: Current contract and Amendment to current contract
6 comments:
No tax deferred supplement Elaine.
Yeah, I caught that too, 12:22 PM. Also, no mention of retirement. In his present contract, it says that the superintendent has no plans to retire. My prediction is that he will not be here for the full five years. No tax deferred supplement and increases are capped at 3% is quite a hit for Timmy. He is not getting a lucrative deal this time. Too bad, so sad. Good job, School Board!
Elaine
There appears to be a tax deferred supplement of 4% of base annually. Am I misreading this?
As I see it the compensation package averages nearly $250,000 per annum over the five years for a total possible compensation of $1.238 million for the length of the contract. The Superintendent is laughing all the way to the bank.
Perhaps the 3% raise can be paid out when the $700,000 Century of Excellence campaign loan balance comes in. LOL
I will be the first one to admit I never liked Timmy. This is the same guy who broke out laughing when parents were expressing concerns about swastikas being drawn on Washington Elementary's playground mulch. I like the fact that he's not going to be getting the usual increases anymore, but my main question is: Why the heck is he still around? There should be a cap for how long people can stay in these positions. As a previous commenter said, he may be laughing all the way to the bank, because this is still too much money for what this Bozo does.
10:12 AM, when school board directors talk about PSERS, they created the problem. Timmy will have a sweet retirement. Not bad since he lied to stakeholders about the capital campaign for six years until we busted him.
Elaine
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