|Date Requested:February 17, 2005
Time Requested:02:09 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| This measure, if approved, would provide public higher education faculty with an annual experience increment. At present, only classified and non-classified public higher education employees (as well as other state employees) receive the annual experience increment.
The total cost of this measure would be approximately $2,992,162 in FY 2006.
At present, there are approximately 3,270 faculty members who would be eligible for the annual experience increment. These faculty members would receive approximately $2,579,450 in increment payments each year.
In addition, higher education institutions would have to pay approximately $412,712 in additional benefit costs (estimated at 16% of increased wages), including Social Security and Medicare matching payments (7.65% of wages), retirement contributions (6% of wages), and workers’ compensation and unemployment compensation payments (estimated at 2.35%).
The total cost may vary slightly from year to year, but should remain reasonably constant.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||2,992,162||2,992,162|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
The total cost may vary slightly from year to year, but should remain reasonably constant. Variables that could affect the cost include: (1) staffing increases and decreases; and (2) employee turnover rates.