Establishes a fund to stabilize state employee salaries, ensuring parity with public and private sector salaries.

The bill creates the State Employee Compensation Stabilization Fund within the Department of Administrative and Financial Services. It mandates that funds be used to augment the salaries of state employees to ensure parity with comparable positions in the public and private sectors, as determined by a market pay study. The fund is financed by 1% of excess General Fund revenues, reducing the allocation to the Highway and Bridge Capital program from 20% to 19%. Unexpended balances in the fund at the end of the fiscal year carry forward to the next fiscal year.

Establishes a fund to stabilize state employee salaries, ensuring parity with public and private sector salaries.

The bill creates the State Employee Compensation Stabilization Fund within the Department of Administrative and Financial Services. It mandates that funds be used to augment the salaries of state employees to ensure parity with comparable positions in the public and private sectors, as determined by a market pay study. The fund is financed by 1% of excess General Fund revenues, reducing the allocation to the Highway and Bridge Capital program from 20% to 19%. Unexpended balances in the fund at the end of the fiscal year carry forward to the next fiscal year.