The details of the offer:
•Applying two furlough days in FY 10: $1.9 million
•Accepting five unpaid holidays in FY10: $3.7 million
•Using projected surplus in state medical plan: $1.7 million
•Eliminating tuition reimbursement: $0.1 million
Total: $7.4 million (all $GF)
Also, the administration will not seek additional layoffs if November consensus revenue forecast declines not more than $14 million. The administration retains rights to reduce workforce under normal stipulated conditions.
Both parties will agree to sustainable labor cost savings as part of their FY 2011 & FY 2012 agreements to produce $16.1 million and $21.9 million in savings, respectively.
Discussions between the administration and the VSEA are expected to continue throughout the next few weeks.