Double bonuses poor form

Published: Saturday, Oct. 31, 2009 12:12 a.m. MDT
 |  E-MAIL | PRINT | FONT + - 

Raise your hand if you lost your job this year.

If you were fortunate enough to hang on to your job in this tough economic climate, raise your hand if you received a pay raise.

Now, raise your hand if you got a bonus.

We're going to go out on a limb and guess that few of you raised your hand the second go-round and fewer yet received a bonus.

But at the offices of the Utah School and Institutional Trust Lands Administration, employees got the equivalent of double bonuses for meeting performance and revenue goals. (Raise your hand if you got a double bonus. Sorry. We had to ask.)

Ordinarily, SITLA awards bonuses in the fiscal year following annual evaluations. But this year, six of SITLA's top managers received $71,000 in bonuses for two years, even though the state is only three months into the 2009-10 fiscal year. They apparently also have crystal balls over at SITLA that enable the bosses to predict revenues and performances for the remainder of the year.

Story continues below

Aside from it looking bad, state legislative leaders are crying foul, given lawmakers' mandate that there be no bonuses for fiscal year 2010. SITLA, an independent state agency that manages 3.4 million acres of trust lands for the financial benefit of Utah public schools and 11 other public institutions, apparently accelerated the payment by two months.

State lawmakers and Gov. Gary Herbert, who are attempting to assemble budgets amid an anticipated $850 million revenue shortfall, are incensed — and rightly so.

SITLA may have the independent authority to dole out such bonuses, but under these economic conditions, it was poor form to accept double bonuses in a single year, even considering SITLA's success at building the Permanent School Fund to a $970.5 million balance at the end of fiscal year 2009. Only interest earnings from the fund can be spent each year.

SITLA officials told Deseret News reporters that the double bonuses were just a matter of timing. Both payments hit the same fiscal year. "That's why it looks so big," said Lisa Schneider, the administration's assistant director of finance.

We get that. The larger issue is whether SITLA gamed the system by awarding double bonuses in a single year. State lawmakers need to get to the bottom of it.

All in favor, raise your hands.

Recent comments

Utah's school trust fund is valued at approx. $970 million and...

School trust funds | Nov. 4, 2009 at 1:25 p.m.

You wrote 'SITLA earns the money that is then invested in the state...

re: Utah Dem | 9:54 a.m. | Nov. 4, 2009 at 1:18 p.m.

You are seriously uninformed. The legislature CANNOT spend any...

Re: @ unemployed | 12:21 p.m. | Nov. 4, 2009 at 12:52 p.m.

Image
Sitla

Segundo Canyon, in the Book Cliffs, is among 3.4 million acres of trust lands managed by SITLA, an independent state agency.

previousnext

Latest comments

Preps of the week

Ofa was THS's defensive leader in big plays at Rice Stadium - great job --...

I think any of those PAC-10 teams would make for an interesting game between...

Boys basketball rankings

1. Olympus 1st in the state in any classification 2. Provo 3. Timpview 4....

I've heard of win/win but I don't like the sound of lose/lose. WOW! What a...

What a shock! Boise State fans put up with the same garbage in 2006. Utah...

I don't understand how you arguing "Joseph Smith said he saw God" is going to...

Coach Pyper will get it done he is a truly dedicated Coach who cares and...

Hall, Johnson matchup key

sorry, but you're sadly mistaken the only fans who would make such a...

Find my family exploits

Just WATCHED "FIND MY FAMILY"-- I LIKE TROY AND "THE LOCATER" MUCH MORE, THE...

Protests against Phoenix LDS temple

RE: Educator | 7:26 p.m. Nov. 23, 2009 The term "ward house" is an old...

Advertisements