2012 Session

Budget Amendments - HB30 (Committee Approved)

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Adjust Reimbursement for VRS Rates - Finance Directors

Item 70 #1h

Item 70 #1h

First Year - FY2013 Second Year - FY2014
Compensation Board FY2013 ($18,426) FY2014 ($18,426) GF

Page 44, line 8, strike "$5,242,052" and insert "$5,223,626".
Page 44, line 8, strike "$5,242,052" and insert "$5,223,626".

(This amendment reflects savings from decreasing the reimbursement the compensation board pays for VRS contribution payments for Finance Directors and their employees from 2.13% to 1.74%. The 18% reduction is equal to the reduction in the average local contribution rates when comparing the estimated fiscal year 2013 local rates, based on an assumed 8.0% rate of return, and the current fiscal year 2012 rates.)