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‘Pay hike for CDA board members is a dead issue’
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Posted on Jun 13 2005
A proposal to raise the compensation of members of the Commonwealth Development Authority board of directors is now a dead issue, according to outgoing CDA chair Sixto Igisomar.
The authority’s financial condition will not allow any increase in board compensation, even though the members agree that they all deserved a pay hike, Igisomar said.
Currently, CDA board members get $60 for a full day meeting and $30 for a half-day meeting. These compensation rates have been in place since CDA’s inception in 1985.
“Even though we all feel it’s necessary, we cannot entertain higher compensation for the board because of CDA’s financial condition. We barely have enough money to operate until the end of fiscal year 2005,” Igisomar said.
He further reported that, due to its low collections, CDA was compelled to slash its budget year after year. He added that the authority was also reorganizing its assets and evaluating its approximately $32-million receivables to generate as much income as it could.
“We’re afraid that CDA may not have any money to operate by FY 06-07 if we don’t act on time,” he said.
Being an autonomous agency, CDA’s only sources of income are interests, penalty fees, and late charges collected from borrowers.
