Skip to content
Amarillo LedgerAmarillo Ledger
Ask AI

Opens the assistant with a question about this page. Answers come from the AI, not this site.

ChatGPTClaudePerplexity

Storyline · 6 events · Mar 23, 2020 – Oct 7, 2024

AEDC board votes on president and CEO pay (2020-2026)

Quick answers

What is the latest on AEDC board votes on president and CEO pay (2020-2026)?
Oct 7, 2024: AEDC board told performance pay is not in the council-approved budget. AEDC staff told the board that the City Council had approved the AEDC's operational budget, salaries and contractual obligations but not performance pay, marketing or project support. Read the event
How far back does this record of AEDC board votes on president and CEO pay (2020-2026) go?
To Mar 23, 2020: AEDC board approves a 20% bonus for President Carter, deferred at his request. The storyline has 6 dated events in all. Read the event

The AEDC board set its president and CEO's pay through yearly votes recorded in its minutes. From 2020 through 2024 it voted each January or March, after reviewing President Kevin Carter's performance, to give him 20%: a bonus in 2020 (deferred at his request because of COVID-19), a one-time increase in 2021, a new contract and a one-time performance award in 2022, a one-time performance award in 2023, and a "contractual performance adjustment" in 2024, alongside a budgeted 4% cost-of-living raise. The minutes do not give dollar amounts. In October 2024 staff told the board that the City Council's constrained FY2024-25 AEDC budget did not include performance pay. After Carter's separation in January 2025 the board gave interim CEO Doug Nelson a temporary $4,000-a-month increase, and in March 2026 it hired Dr. Andreas Eckstein at $220,000 with a performance bonus potential of 20%.

A storyline groups dated events in order. It is a chronology, not an argument; it does not say why anything happened. All storylines

  1. · Origin

    AEDC board approves a 20% bonus for President Carter, deferred at his request

    Under "evaluation/compensation of the President & CEO," Vice-Chairman Bentley presented the compensation committee's recommendation to offer President Carter a 20% bonus; Director Heinrich seconded and the motion was approved. Carter asked to defer the bonus to no later than the end of the fiscal year, September 30, 2020, because of the COVID-19 pandemic.[1]

    Kevin CarterBrian HeinrichAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The March 23, 2020 minutes: 'Vice-Chairmen Bentley provided an overview of the compensation committee's recommendation, which is to offer a 20% bonus to President Carter. Director Heinrich seconded the motion. The motion was approved. President Carter asked to defer the bonus to not later than the end of the fiscal year, which is September 30, 2020, due to the current situation with the COVID19 pandemic.' (as printed)[1]

      Award
      20%

  2. · Related development

    AEDC board approves a 20% one-time increase in compensation for President Carter

    After board members praised Carter's work and said he had met the goals set for the previous year, Vice-Chairman Bentley moved a 20% one-time increase in compensation; Director Street seconded and it was approved unanimously.[2]

    Kevin CarterLaura StreetAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The January 19, 2021 minutes: 'Vice-Chairman Bentley recommended, via a motion, a 20% one-time increase in compensation for President Carter. Director Street seconded the motion. The motion was approved unanimously.'[2]

      Award
      20%

  3. · Related development

    AEDC board accepts a new contract for Carter and a 20% one-time performance award, 3-0

    Director Street moved to accept the contract offered to President Carter "with the parameters discussed with the Executive Committee," and then a 20% one-time performance award; Director Meander seconded both and each passed 3-0. Two other members attended by Zoom and, as the minutes record, could only observe.[3]

    Kevin CarterLaura StreetAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The January 19, 2022 minutes record two 3-0 votes: to 'accept the contract offered to President Carter, with the parameters discussed with the Executive Committee' and 'to approve a 20% one-time performance award for President Carter, based on the recommendation discussed with the Executive Committee.' The contract's terms are not stated in the minutes.[3]

      Award
      20%

  4. · Related development

    AEDC board approves another 20% one-time performance award for Carter, 5-0

    After an executive session, Director Hall moved a 20% one-time performance award for President Carter "based on the recommendation discussed with the Executive Finance Committee"; Director Brown seconded and it passed 5-0.[4]

    Kevin CarterAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The January 23, 2023 minutes: 'Director Hall made a motion to approve a 20% one-time performance award for President Carter, based on the recommendation discussed with the Executive Finance Committee. Director Brown seconded the motion. The motion was approved 5-0.'[4]

      Award
      20%

  5. · Related development

    AEDC board approves a 20% "contractual performance adjustment" for Carter

    Chairman Hall reviewed Carter's performance with the board; Carter reviewed his 2023 goals and accomplishments and presented 2024 goals. Director Burton moved a 20% contractual performance adjustment; Director Bentley seconded and it was approved unanimously. The minutes note in parentheses that Carter had received a 4% cost-of-living adjustment budgeted and approved for FY2023-2024.[5]

    Kevin CarterDipak PatelAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The January 29, 2024 minutes: 'Director Burton made a motion to approve a 20% contractual performance adjustment. Director Bentley seconded the motion. The motion was approved unanimously. (President Carter did receive a 4% COLA that was budgeted and approved for FY 2023-2024)'.[5]

      Award
      20%
      Cola
      4%
    • ✓ Verified

      None of the five sets of minutes states Carter's base salary, the dollar value of a 20% award, or whether the 2024 'contractual performance adjustment' was a one-time payment or a raise. The executive sessions held before the 2020, 2023 and 2024 votes are recorded only as 'No action was taken during the executive session because none is permitted by law.'[1][4][5]

  6. · Peak

    AEDC board told performance pay is not in the council-approved budget

    AEDC staff told the board that the City Council had approved the AEDC's operational budget, salaries and contractual obligations but not performance pay, marketing or project support. City Manager Path confirmed the council's budget motion covered only salaries, contractual obligations and operating expenses.[6]

    Kevin CarterDoug NelsonGrayson PathAmarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The October 7, 2024 minutes: 'Things that were not approved are performance pay, marketing, project support identified in the budget ... City Manager Path confirmed that the budget motion included only expenditures necessary for salaries, contractual obligations, and operating expenses were approved.' (as printed)[6]

    • ✓ Verified

      The minutes do not tie the exclusion of performance pay to the CEO's earlier awards, and no source read for this pass states the council's reason for excluding performance pay specifically.[6]

Related storylines: AEDC's $750,000 payment to The Range and the resulting inquiry (2022-2026)Amarillo city manager turnover (2015-2026)