Calculate a salary budget based on information

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Calculate a salary budget based on this information. Volume in the budget year for FY 2023 (7/1/2023 to 6/30/2024) is expected to be 109,000 units and a FTE can perform 11,000 units per year. Pay raises are given to all staff on February 1st of each year at a rate of 10 percent. The July 1, 2023 rate of pay for new hires is set at $25.00/hour regardless of hire date. Only full-time FTEs will be hired. The following are the current staff with FTE values and hourly rates of pay as of October 1, 2022:

  • Name FTE Pay Rate
  • Callahan 1.0 19.55
  • Szymanski 1.0 20.00
  • Soto 0.5 17.05
  • Chen 1.0 13.95
  • Dasgupta 0.5 22.60
  • Cummings 0.5 15.80

 

Reference no: EM133254031

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