The Genesee County Economic Development Center Board has approved 2012 incentive bonuses for staff members of $120,000 and given CEO Steve Hyde a raise on his base salary from $160,000 to $195,000.
He'll also receive approximately $10,000 in deferred compensation for 2013, for a total salary of $210,000.
Incoming Board President Charlie Cook said both the bonuses and Hyde's deferred compensation are part of the existing contract.
The board voted on the matters this afternoon and Cook promised a press release later today with more information.
At the board meeting there was no discussion of how the $120,000 in bonus money will be distributed among staff members, but in past years Hyde has received the bulk of bonuses paid. Last year, Hyde received $75,000 of the $120,000 bonus.
The 2012 bonus package is the final year that incentive compensation will be part of the salary structure for GCEDC employees, Cook said.
The board also approved a 2013 salary schedule for Hyde's staff that includes 10 percent in deferred compensation. The salary schedule has not yet been released.
The agency's compensation committee offered two recommendations for the 2012 bonus pool, either $100,000 and $120,000. Today's motion was to approve $120,000 and Mary Ann E. Wiater and John Andrews voted no in the 5-2 vote, preferring the $100,000 recommendation.
UPDATE: Here's the press release:
"After listening to the concerns of the community, including the Genesee County Legislature, the Board of Directors of the Genesee County Economic Development Center recently voted to move to a salary-only based compensation system, which eliminates the current incentive compensation program. No incentive compensation will be paid in 2013 and going forward.
“In the meantime, the board reviewed individual and organizational performance of the agency staff and approved the final, contractually established and measured, incentive compensation payments for 2012 to the GCEDC staff at our December 20th board meeting.
"In light of our community experiencing the greatest growth in manufacturing in over 50 years including attracting Muller Quaker Dairy and Alpina to our community along with the staff leading the way in securing $224.65M in investments along with pledged job creation of 427 this year – the GCEDC board believes the incentive compensation earned by the staff for 2012 is well deserved based on their excellent performance and in-place employment contract.
“We as a board would prefer to move forward and focus on all of the positive developments that the GCEDC has brought to the area, and because 2012 performance goals were met this year we will follow through with our contractually based incentive compensation plan.
“The bottom line is that the GCEDC staff continues to perform at a very high level and over the last several years has transformed this agency into a regional player successfully developing regional assets, attracting international companies and helping our existing base of business continue their growth that is benefitting our county and region in incredible ways. Their commitment, energy and hard work on behalf of Genesee County and the taxpayers is well documented."