The two houses of the Virginia legislature came to agreement on the state budget last week, proposing three major items that support schools in the 2015-16 budget.
- 1.5% salary increases for SOQ positions for 10.5 months. Localities have to provide matching funds.
- Fund a one-time payment to VRS Teacher Retirement Plan, which will reduce the unfunded liability to approximately $13.5 billion.
- Set aside approximately $53 million for School Construction Loans, which have not been funded for several years.
Additional information at VEA
