Highlights of N.C. Senate budget bill
Thursday, May 31st, 2007
By Chris Fitzsimon
RALEIGH, N.C. — Highlights of the $20 billion 2007-08 state spending plan given tentative Senate approval Wednesday. The figures reflect increases or reductions to base budget expenses, some of them based on projected rises in recurring spending.
Salaries and benefits
_ Average 5 percent salary increase for public school teachers; 5 percent for community college and university faculty and judges; 4 percent for most state employees and non-faculty university workers: $496.7 million.
_ Two percent cost-of-living adjustments for state retirees: $29.6 million.
_ Fifth installment of retirement funds intercepted in 2001 to narrow budget shortfall: $10 million.
_ Cash influx to cover projected shortfall in state employee health plan: $120 million. (more…)
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