|Date Requested:March 09, 2005
Time Requested:11:14 AM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| As previously stated in response to House Bill 2605, as well as Senate Bill 212, 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
|This bill appears to be a duplicate of Senate Bill 212. Total fiscal implications of both bills are $2,992,612 and should not be misconstrued that each bill would have a fiscal implication of $2,992,612 each.|