2006 Special Session I

Budget Amendments - HB5002 (Conference Report)

View Budget Item
View Budget Item amendments

VRS Rate - Reduce Amortization Period

Item 135 #18c

Item 135 #18c

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 $0 FY2008 $27,938,340 GF

Page 108, line 9, strike "$6,000,814,369" and insert "$6,028,752,709".

(This amendment adds $27.9 million general fund the second year for the state's share of the cost of a Virginia Retirement System contribution rate of 10.30 percent for all SOQ instructional positions classified by VRS as professional positions compared with 9.20 percent in the 2006-2008 budget as introduced. The rate reflects a change in the amortization period from the maximum allowable 30 years to a period of 21 years in the second year.)