FISCAL NOTE
FUND(S):
$2,992,162
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
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.
Fiscal Note Detail
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 |
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
Memorandum
Person submitting Fiscal Note: Patricia Hunt, Director of Finance and Facilities
Email Address: PHunt@hepc.wvnet.edu