Budget Adopted By Plymouth Council With No Tax Hike

Location of Plymouth Township in Montgomery County (Photo credit: Wikipedia)

PLYMOUTH TOWNSHIP, PA — The final, $21,021,288 2014 budget, which keeps the millage rate at 1.6 mills, was unanimously adopted by council Monday night.

The budget has a reserve fund balance of $5,988,716 at the end of 2014, including more than $3 million in cash, said. The available fund balance decreased from $6,678,813 at the end of 2013 to $5,988,716.

The budget has contractual increases in salary for police and administration employees. Health care costs are up about $300,000, and there is an additional $240,000 for three additional police officers in the budget, Creelman said.

The average residential home is assessed at $180,000 and the township tax will is expected to remain at $288.

Read more: http://www.timesherald.com/general-news/20131209/budget-adopted-by-plymouth-council-with-no-tax-hike

Highmark CEO Compensation Tops $6M

English: Highmark Place from PNC Park in Pittsburgh, taken 2008 showing the new Highmark branding atop. (Photo credit: Wikipedia)

Last year, Highmark Inc. dished out more than $6 million to compensate its three CEOs.

In compensation figures filed with the state Department of Insurance this month, the state’s largest insurance company said it paid former CEO Kenneth Melani $3.3 million in 2012, even though he was fired April 1.  He was the highest-paid company employee for the year.

In fact, three of Highmark’s 10 highest-paid employees in 2012 are no longer with the company, having left early in the year.  In addition to Dr. Melani, former Highmark legal officer and corporate secretary Maureen Hogel and retired auditor and compliance officer Elizabeth A. Farbacher also had left Highmark by April.

Current Highmark CEO William Winkenwerder Jr., who was hired over the spring and began work July 16, took home $1.87 million in total compensation — $562,712 for his half-year of salary, plus a $1.18 million bonus and $131,000 in “other” compensation.

Read more: http://www.post-gazette.com/stories/business/news/highmark-ceo-compensation-tops-6m-679520/#ixzz2NiolPvSN