Lance Terpenny, Floyd’s new Town Manager, took an $80,000 pay cut to move from Christiansburg — where the Town Council told him to resign after saying they had “lost confidence” in his ability to serve their needs — but he’s not about to go broke.
New details of his severance package from Christiansburg shows he will collect about $290,000 from the town over the next 10 years while still drawing a $50,000-a-year salary from Floyd.
In addition, Terpenny will apparently continue to serve in two Montgomery County appointed positions that reportedly include additional monthly payments.
Lerone Graham at The Roanoke Times outlines Terpenny’s several package between now and 2020:
- 12 months of salary ($128,750);
- A $12,627.60 payout for accrued vacation time;
- $210 a month in town-paid “service merit” payments until he turns 65 (Terpenny is 55);
- “Sick leave divestiture” of $1,050.66 a month for 10 years because of unused sick leave.
In addition, Terpenny serves as chairman of the board of the Montgomery Regional Solid Waste Authority, and, on Tuesday, was reappointed by his old bosses on the Christiansburg Town Council to the Christiansburg-Blacksburg-VPI Water Authority, a quasi-public agency created by the Virginia General Assembly in 1950. The authority pulls water from the New River, filters it, and then sells it to Blacksburg, Christiansburg and Virginia Tech as drinking water.
According to Christiansburg blogger Terry Ellen Carter, citizen reporter Elizabeth McCauley discovered the appointment includes a $300 stipend for attending monthly meetings. In addition, Carter reports that the solid waste authority board job pays $350 for attendance at each monthly board meeting.
“I’m curious how the town of Floyd feels about their new Town Manager sitting on a board to represent his former employer and getting paid to do so during business hours,” Carter says. “We in Christiansburg are also wondering how much outside compensation he has received over the years for all those board assignments that we all thought was ‘part of the job.’ ”
Good questions. If Floyd’s new town manager continues to serve on two Montgomery County organizations it does raise conflict-of-interest issues. The deal that brought him to Floyd already has some town and county residents shaking their heads in disbelief. As more details emerge the questions mount.
(Edited on Aug. 10 to correct spelling of Roanoke Times reporter Lerone Graham’s name)
- Serious questions about Floyd’s new town manager (blueridgemuse.com)
- How Lance Terpenny took taxpayer money and ran (blueridgemuse.com)
- Terpenny: Not a Good Fit for Floyd (fragmentsfromfloyd.com)
- Terpenny trauma taunts town (blueridgemuse.com)
- Terpenny ignored Virginia law with contract ploy (blueridgemuse.com)
- Does Floyd need a town manager or even a town government? (blueridgemuse.com)