2002 Session

Budget Amendments - HB30 (Committee Approved)

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Amortize VRS

Item 146 #7h

Item 146 #7h

First Year - FY2003 Second Year - FY2004
Education: Elementary and Secondary
Direct Aid To Public Education FY2003 ($21,963,610) FY2004 ($24,127,763) GF

Page 103, line 17, strike "$190,551,283" and insert "$168,587,673".
Page 103, line 17, strike "$193,136,191" and insert "$169,008,428".

(This amendment captures the savings from a reduction in Virginia Retirement System rates for school personnel. The amendment captures these savings in retirement accounts. The reduced rates would result from the proposed practice of recognizing the gains of the system in place on June 2001 over a 10-year period to credit the normal cost rate established by the actuary for teachers.)