It has been a whirlwind of budget this month. The last three Friday Features have been focused on budgeting vacancies. This week we will talk about benefits for vacancies and next week we will wrap up our budget discussion with a focus on budgeting addons (or non-positional pay). Ready, set, let's look at vacancy assumptions for benefits!
Once again, let's look at that same simple example of a vacancy that started this Friday Feature budgeting journey.
Now let's look at the benefit budget line items that make up that amount.
Notice the total at the bottom of the graphic. It is the same amount we saw on the budget account screen.
The rows above the total detail each benefit's amount. The majority of them are related to retirement (PERS) or statutory contributions (OASDI, Medicare, SUI, Workers Compensation), but the ones in the middle (in the red box) are related to district defined benefits.
And, now we are back to the topic for the last few weeks: vacancy assumptions. Indeed, we need to go back to the Vacancy Assumption record for the job class to see what kind of assumptions were made for these benefits for this job class.
We can see that the figures match exactly! (Of course, this is a simple example. There are more complex equations for benefit assumptions available.)
We can also see that there are many more contributions that could have been added to the vacancy assumptions, up to 12!
Now that's a nice benefit!