Jerry Forte
Every so often, reporters unknowingly let newsworthy items slip through the cracks.
Guilty as charged.
In March, the Colorado Springs City Council, acting as the Utilities Board, approved Utilities CEO Jerry Forte’s performance results for 2010.
A report with the agenda stated that Forte had received an overall rating of 4.09 on a scale of 1 to 5, which translated to a performance rating of “exceed expectations.”
The report made no mention of money.
But the board’s decision included incentive pay – $76,383.01 to be exact.
“The amount can vary depending on the performance of the organization,” Utilities spokesman Dave Grossman said in an email.
“This year, he received $34,455.38 (short-term) and $41,927.63 (long-term retirement).”
Forte received the “short-term” incentive pay right away, and the “long-term” incentive pay is rolled into his supplemental executive retirement account.
Since 2002, Forte has pocketed $240,119 in short-term incentive pay and $251,073 in long-term incentive pay, according to records compiled by the city-owned utility.
Saying he wanted to provide context, Grossman included the following compensation for CEOs of neighboring electric providers:
CEO of Xcel Energy = $1.18 million base salary. Total 2009 compensation including stocks and incentives = $7.02 million.
President and CEO of Black Hills Energy, (serves Pueblo and some rural areas of Colorado) $353,769 base salary. Total compensation including stocks and other compensation: $1.78 million in 2010.
CEO/President of Nebraska Public Power District base salary = $395,000 base salary in 2010.
President and CEO of CPS Energy, the municipally owned utility in San Antonio, Texas = $360,000 base salary in 2010.
In addition to the compensation of other CEOs, Utilities — in response to a request for Forte’s salary and incentive pay history — provided a wealth of information that I’ll post in a separate blog.
Here’s Forte’s short- and long-term incentive payout history:
| Short-Term Incentive | Long-Term Incentive | ||
| 2010 | $34,455.38 | $41,927.63 | |
| 2009 | $31,411.13 | $39,852.00 | |
| 2008 | $24,907.50 | $35,285.63 | |
| 2007 | $28,505.25 | $28,228.50 | |
| 2006 | $27,810.00 | $30,510.00 | |
| *2005 | $25,329.00 | $75,270.00 | |
| 2004 | $31,661.70 | $0.00 | |
| 2003 | $18,715.51 | $0.00 | |
| 2002 | $17,324.36 | $0.00 | |
| Hired as COO on 01/22/2002 | |||
| Promoted to CEO 12/02/2005 | |||
| *The 2005 long term incentive amount represents incentive from 2002 – 2005 | |||
Forte’s annual base salary since 2007 has been $276,750.
Here’s Forte’s salary history:
| Date | Position | Annual Salary |
| 2011 | CEO | $ 276,750.03 |
| 2010 | CEO | $ 276,750.03 |
| 2009 | CEO | $ 276,750.03 |
| 2008 | CEO | $ 276,750.03 |
| 1/2/2007 | CEO | $ 276,750.03 |
| 2006 | CEO | $ 270,000.00 |
| 12/2/2005 | Promotion to CEO | $ 270,000.00 |
| 4/10/2005 | COO | $ 211,078.40 |
| 1/1/2005 | COO | $ 208,769.60 |
| 4/11/2004 | COO | $ 205,682.67 |
| 1/1/2004 | COO | $ 195,888.16 |
| 4/13/2003 | COO | $ 190,182.10 |
| 1/1/2003 | COO | $ 181,125.78 |
| 1/22/2002 | COO eff. 1/22/02 | $ 175,000.00 |
| Hired as COO on 01/22/2002 | ||
| Promoted to CEO 12/02/2005 | ||
Hey dave, I don’t think you can really call it context when you cherry pick results from a list of places that pay more. Context would imply similar sized companies serving roughly the same number of customers, from nearby communities. Not Texas.
Here is some of the additional context we provided the reporter – which was included in a separate Gazette blog. This is a more comprehensive comparison of other municipally-owned/public utilities:
The 2010 Nebraska Public Power Executive survey reports $333,502 as the 50th percentile data point for CEO base salaries.
Utilities included in the survey: Austin Energy, Chelan County Public Utility District No. 1, Clark Public Utilities, Colorado Springs Utilities, CPS Energy, ElectriCities of North Carolina, Inc., JEA, Los Angeles Department of Water and Power, Lower Colorado River Authority, MEAG Power, Nebraska Public Power District (Survey Sponsor), New York Power Authority, Omaha Public Power District, Orlando Utilities Commission, Platte River Power Authority, Sacramento Municipal Utility District, Salt River Project, Santee Cooper, Seattle City Light, Snohomish County Public Utilities District, Tacoma Public Utilities – Tacoma Power.
It’s important to note that many of the utilities in the survey only provide electric service. The CEO for Colorado Springs Utilities requires not just electric expertise, but also needs to effectively run natural gas operations and deal with the complexities of providing water to a large city far from a major water source. Wastewater service provides a fourth level of knowledge and expertise that a Colorado Springs Utilities CEO must possess.
See a list of Colorado Springs Utilities’ accomplishments under Jerry Forte’s leadership at: http://citydesk.freedomblogging.com/
That doesn’t seem like very much compensation.
its already a known fact these entities have no accountability to taxpayers as ratepayers pay for it and rate payers have no representation on governing boards – its is those who suck the taxpayers dry that get on the boards.
I think the reporter is just jealous because he doesn’t make as much as Forte!! What do you people want? Do you want the CEO to make $8.50 an hour? Would that make you happy? You still wouldn’t see lower utility bills. dummies
Holla,
No, I’m not jealous. I’m just doing my job.
Colorado Springs Utilities is a city-owned utility, so the people of Colorado Springs deserve to know that information.
Thanks.
Daniel
No Chacon, you are just trying to get emotions going. Typical Gazette always trying to drive a wedge between the people in this community and the citizens that serve it. Your reporting and paper are really pathetic sometimes.
No, DHuskie, I’m not.
How is reporting this information an effort to drive a wedge between the people in this community and the people who serve it?
Will you please explain?