2012 Session

Budget Amendments - HB30 (Committee Approved)

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Adjust Reimbursement for VRS Rates - Commissioners of the Revenue

Item 71 #1h

Item 71 #1h

First Year - FY2013 Second Year - FY2014
Compensation Board FY2013 ($59,190) FY2014 ($59,190) GF

Page 44, line 46, strike "$17,027,027" and insert "$16,967,837".
Page 44, line 46, strike "$17,027,027" and insert "$16,967,837".

(This amendment reflects savings from decreasing the reimbursement the compensation board pays for VRS contribution payments for Commissioners of the Revenue 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.)