Jerry Forte, CEO of Colorado Springs Utilities, will receive $59,501 in incentive pay based on his job performance last year, Utilities said in an official memo to its board on Friday.
Forte's base salary of $276,750 hasn't changed since 2007.
His bonus is paid out under two separate calculations, based on an array of duties involving all four utility services, his interaction with the board and community and financial factors. The first is paid in April, and the second is deposited in his supplemental retirement account.
Forte's 2012 incentive bonus was $31,549.50 for the short-term payment and $30,165.75 for the long-term award, for his performance in 2011.
Here's the complete memo sent to the Utilities Board, comprised of City Council, which approved his performance ratings at the March board meeting.
Various provisions of the Chief Executive Officer’s (CEO) employment agreement outline how the CEO’s annual and long-term incentive are calculated, and also establish the applicable percentage ranges. The 2012 annual performance review discussion was held between you and the CEO during the March 20, 2012 Utilities Board meeting.
During this meeting, the Utilities Board and the CEO reviewed the CEO’s 2012 performance using the established performance plan and associated metrics for 2012. Subsequently, the Utilities Board approved the 2012 CEO’s performance.
Following approval of the CEO’s 2012 evaluation, Colorado Springs Utilities Human Resources Department calculated both the 2012 annual incentive and the 2012 long term incentive using the formula provided in the CEO’s employment agreement.
• The performance rating of 4.10 under the annual performance plan results in an incentive payout of $34,593.75. The CEO’s annual incentive will be paid on April 19.
• The performance rating of 3.20 under the long term performance plan results in an incentive award of $24,907.50. The long term incentive will be deposited on the same date into his supplemental executive retirement account pursuant to the employment agreement.
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