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Q&A
Overview of COLA implementation and progress
1:36:45
ยท
94 sec
Council Member Julie Won inquires about the implementation of Cost of Living Adjustments (COLA) for city contracts. Director Lisa Flores explains the process and initial progress.
- Over $740 million invested in COLA over multiple fiscal years
- Allowance clause added to contracts to reduce the need for amendments
- 86% of nonprofit providers have completed attestations for COLA calculations
Julie Won
1:36:45
And my last set of questions are about the COLA.
1:36:49
So for the cost of living adjustments, we are grateful that that was able to be implemented.
1:36:54
How is the COLA implementation going?
1:36:57
And you know the percentage of contracts that have been amended to include the cost of living adjustments?
Lisa Flores
1:37:05
Thank you, Chernwon.
1:37:07
So first and foremost, I'd say part of how we approached processing our COLA investment of over $740,000,000 over multiple fiscal years was using, where appropriate, our allowance clause.
1:37:23
And so, as you may remember, in the first year of the administration, we added an allowance clause to contracts, which allows and was attended to reduce the number of amendments needed when there was a change to the contract.
1:37:35
So that was sort of the primary way that we were focusing on instituting the COLA.
1:37:40
In terms of the numbers, which I do have here somewhere, the way that we did the process in collaboration OMB was figuring out the appropriate dollar value per contract, per vendor, and then submitting attestations from those providers, affirming that the amount that was calculated was accurate.
1:38:03
And so I do have a number here, and I think it's over 90% or 80% of those attestations that have been received.
1:38:18
86%.