The Legislative Finance Committee released its FY 14 budget recommendations. The LFC recommends a four percent increase or $34 millon for higher education, which includes funds for a one percent salary increase. Decisions on pay hikes ultimately rest with the Regents.
There is also an additional $54 million recommended for public pension funds, including $38 million to reverse the pension "swap" and $34 million to the education pension fund for higher employer contributions.
The Governor and Dept.of Finance and Administration are expected to release their budget recs tomorrow. The 2013 Legislative session begins next week.