With the legislature wrapping up the 2016 Regular Session of the General Assembly in a day or so, I wanted to provide a status report.
The budget deal has been reported in most of the major newspapers. It includes a three percent pay raise for state employees and faculty at our institutions of higher learning, as well as a two percent raise for teachers and other state-supported local employees. The budget deal also includes about $190 million to bulk up the Virginia Retirement System. You will recall that contributions were reduced during the recession. This action will allow us to restore those funds about six years ahead of time. The increases in teacher pay are a part of a $900 million increase in K-12 spending by the state. [Read more…]