7. REPORT, Committee on Finance, recommending to the City Council APPROVAL of the COLA base increase from $12,000 to $14,000, effective July 1, 2023, as detailed in a Communication dated 9/22/2022 from Eric Cohen, Executive Director of the New Bedford Retirement Board.

7a. COMMUNICATION, Councillor Morad, submitting communications from the Executive Director of the New Bedford Retirement Board regarding the vote taken by the Board to increase the COLA base from $12,000 to $14,000 and KMS Actuaries regarding the impact on the New Bedford Contributory Retirement System’s liabilities and appropriations as a result of increasing the COLA base. (Referred to the Committee on Finance – October 13, 2022.)