Wednesday, January 21, 2009

Wading in the deep end

Yes, Wade and the super majority of the board have ventured into the deep end of financial nonsense (Wade is swimming in taxpayer money -- all for the kids).

Courtesy of Jennifer Smith:

Olentangy Residents,

Attached is the Superintendent contract that was approved tonight; all votes 4-1 (my dissent).

Here are some of the terms for the $1.3M ($303,000 annualized) 4 year, 4 month contract:

  • Base Salary Total: $725,846
  • Board-Paid 14% STRS (retirement) and STRS Employee share (10%) and pick-up on the employee share(10% on the 10%) Total: $225,013
  • 10%, 11%, 12% and 13% annuities Total: $85,447
  • Car/Cell Allowance Total: $46,950
  • Educational Stipend Total: $28,950
  • Board-Paid Medicare Tax: $12,864

  • 30% payout if he stays the full term length: $83,088
  • Moving Expenses: $11,000
  • Difference between sale price of house and 95% of appraised value: up to $30,000 + cost of appraisal
  • The ability to sell back vacation days: $36,888 if all allowable days are sold back (4 in first 4 months, 10/year for 4 years= 44 days)

The next board meeting is next Tuesday, January 27 at 6PM. I hope you can attend.


Jennifer Smith

13 comments:

Anonymous said...

Since Wade will be eligible for retirement at the end of his contract, let's assume that he will take his $80K and run.

How much will he recieve annually at the hands of the Ohio Tax Payer?

Anonymous said...

Thank goodness we have someone like Smith who is willing to stick to her convictions while taking the heat from those bozos she sits with.

Jim Fedako said...

10:05 --

Between $200K and $250K per year.

Anonymous said...

I am completing my Superintendent Certification document as I type this (yes, I can multitask.) so that I can retire at age 53 with an annual income of more than $200K until the day I day thanks to the hard working peasants of Ohio.

Anonymous said...

He's Wade-ing in cash.

But, for what?...So we can continue to achieve the same PI that we've achieved for the last decade?

Considering that 999 out of 1,000 residents don't even know what "PI" is I'm not going to hold out the hope that any one of them will care a damn about this outrageous compensation package that has been carved out of our pockets.

Anonymous said...

just a question.....where are you getting $80 at the end for severance...I'm pretty sure the contract says 30% of accumulated sick days....not 30% of salary.

Jim Fedako said...

2:42 --

That's a good question. Keep in mind as I go through the calculation, assumptions have to be made.

Yes, the payout is 30% of accumulated sick days up to a maximum of 300. Since public school employees get 15 sick days per year, they can accumulate 450 sick days in a 30-year career.

So, assuming that Wade took an average of 5 sick days per year -- a high number considering the short school year -- Wade would have his 300 max at payout. Take the 300 days X 30%, and the result is 90 days to be paid at the per diem rate. According to the district's attorney, the contract-specified per diem rate for Wade is $876.

Now, take the $876 X 90 days, and the result is $78,840. Apply a 3% yearly salary increase and that total goes to $88,740.

So, the specified $83K is between the two figures.

Hope that explains the number. My bet, it will be higher since the board will likely increase Wade's salary at more than 3% per year. But that just my assumption.

Jim Fedako said...

10:27 (unpublished) --

Do not post nonsense comments until you have read the contract. Really, I'm doing you a favor by not publshing your comments.

note: Which board seat do you hold? I have my guess.

Anonymous said...

Jim:

We beg of you....please post the studpidty of 10:27....the Sunday funnies weren't that good and I am watching the snow waiting for Obama to walk on water and send me my bailout check!

Anonymous said...

Another blogger voting in favor that you post Julie Feasel's comments.

Anonymous said...

I listen to that woman (Feasel) on the meeting audio and she sounds like an (emptier-headed) Carol Channing. She has this odd uplift in her voice at every sentence end as if she's surprised or in a constant state of discovery, which is not very confidence inspiring.

Then there's Terri Meider who, though a better public speaker than Feasel, is possibly the dumbest person I'd ever seen on that board. She sounds great on things she's scripted--particularly when praising this and that (which is what she apparently believes is the only thing she was elected to do)--but hear her answer a question or speak to a topic and there's nothing going on up there. The gears visibly sputter to a halt and the 3-watt refrigerator bulb in her skull dims.

I can't believe they elected Dumb and Dumber to be president and vice president of the board. Well, I guess it's an improvement from Deceitful and More Deceitful.

Anonymous said...

3:48

They are both up for re-election in the fall....hence their leadership appointments!!!

The real question is how long the district's chief recruiting officer stays on the board...then the 3 stooges left will appoint their friend, who loves condoms for all, to his seat.

Anonymous said...

I presume you're referring to Dunbar. That wasn't condoms, but birth control. Insidious. She thinks it's unacceptable that parents take exception to the kind of junk literature that is being assigned to our kids (http://www.olentangybooklist.blogspot.com/) but she has no problem telling us that it would be acceptable for the school district to dispense birth control to middle and high school girls.

Come to think of it...she'd fit right in.