2006 Session

Budget Amendments - SB30 (Committee Approved)

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VRS Rate - Reduce Amortization Period

Item 135 #3s

Item 135 #3s

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 $9,929,589 FY2008 $10,204,393 GF

Page 108, line 9, strike "$5,870,354,889" and insert "$5,880,284,478".
Page 108, line 9, strike "$6,000,814,369" and insert "$6,011,018,762".

(This amendment adds $9.9 million GF the first year and $10.2 million GF the second year for the state's share of the cost of a Virginia Retirement System contribution rate for teachers of 9.58 percent, compared with 9.20 percent in the budget as introduced. The rate reflects a change in the amortization period from the maximum allowable 30 years to a period of 26 years.)