| Date Requested:February 17, 2005 Time Requested:02:09 PM |
| |||||||||||||||
| FUND(S) 2,992,162 | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
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. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2005 Increase/Decrease (use"-") |
2006 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 2,992,162 | 2,992,162 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 0 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 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. |