Mount Prospect rewards village manager with 5 percent raise
Mount Prospect has been busy since Village Manager Michael Cassady took over in October 2015, expanding its reach through annexations and creating a new TIF district for the village's downtown.
On Tuesday, the village rewarded Cassady with a 5 percent raise and one-time performance bonus of $15,000. With the increase, Cassady now earns a base salary of $204,750.
The village also will reimburse Cassady $3,500 for the annual premium on a life insurance policy, continuing the practice of his previous municipal employers, Bensenville and Palatine.
Mayor Arlene Juracek said Cassady's raise was based on his exceptional leadership and completion of goals established early last year.
"When we hired Mike, it was very clear in the employment contract that he would be responsible for establishing performance goals for himself and the village staff and the village as a whole, and that he would be graded on an annual basis on how well he met those performance goals," Juracek said. "I think it should be obvious to the casual observer that the energy level and the activity level of the village is astounding."
The results have shown, she said, in development activity and the spirit of teamwork among the village staff.
Annexations have added property to the tax rolls, which lowers the village property tax rate, officials said. In addition, the village has captured record levels of sales tax revenues, lowering the village's reliance on property taxes.
Juracek said officials compared Cassady's salary with those of village managers in 20 surrounding municipalities.
"Our goal is not to be at the top or at the bottom," she said, adding that Cassady's salary was slightly below market when hired.
Cassady said he is grateful to have the confidence of Juracek and the village board.
"The mayor and board of trustees have spent considerable time and effort developing a pay-for-performance approach to compensation," he said. "When I was hired, a component of my compensation was placed at risk, which creates added incentive to achieve and exceed performance expectations."