2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Teacher Pay Raise Effective January 1, 2007

Item 135 #15h

Item 135 #15h

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 ($8,667,503) FY2008 $0 GF

Page 108, line 9, strike "$5,870,354,889" and insert "$5,861,687,386".
Page 121, line 33, strike "$61,435,870" and insert "$52,768,367".
Page 121, line 41, strike "December 1, 2006" and insert "January 1, 2007".
Page 121, line 47, strike "December 1, 2006" and insert "January 1, 2007".

(This amendment reduces $8.7 million the first year from the general fund by changing the effective teacher pay raise from December 1, 2006, to January 1, 2007. The savings will be reinvested in the teacher compension package to fund the increase in the monthly retiree health care credit that has been changed from $2.50 up to $4.00 for each year of creditable service in the Virginia teacher retirement system with no years of service cap. This amendment supports House Bill 3 that was passed by the House and is currently in the Senate for consideration. This amendment also has a companion amendment which funds the teacher retirement.)