2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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VRS Rate

Item 145 #2c

Item 145 #2c

First Year - FY2005 Second Year - FY2006
Education: Elementary and Secondary
Direct Aid To Public Education FY2005 ($24,909,601) FY2006 ($27,487,057) GF

Page 103, line 40, strike "$265,335,825" and insert "$240,426,224".
Page 103, line 40, strike "$275,092,690" and insert "$247,605,633".

(This amendment transfers the savings associated with using the "pooled" Virginia Retirement System rate of 6.56 percent for teachers from the Central Appropriations section of the budget to the Direct Aid for Public Education section. The corresponding Central Appropriations amendment is in Item 505. In addition, there is a separate amendment that reflects the additional savings from the use of the "normal rate" of 6.03 percent the first year and 6.62 percent the second year.)