The South Dakota Board of Regents won't be helping the federal deficit in FY2010: it is treating its employees to an 8.33% pay cut in 2009. My 2009 tax return will show an income decrease of about $2600. Thousands of professors and other regental employees will experience similar cuts and thus provide Uncle Sam with less revenue to pay for the mortgage bailout and President Obama's new health care plan.
What's going on? Budget cuts? No, the Board of Regents is carrying out the payroll-shifting scheme that our man Jon Hunter referred to earlier as an absurd deception. Of course, the nice little brochure the Regents mailed me says nothing so severe: this is just a nice little plan to move payday from the last day of the month to the first day of the next month, a clever little bookkeeping move that will save $10.9 million on this fiscal year budget. Instead of handing that $10.9 million to its employees on the last day of the fiscal year, the Regents can spend that money on upgrading the wireless Internet capacity of its campuses.
Clever, indeed. I wish I could use that trick with my bank: "I know the mortgage is due today, but I'm going to buy a new laptop today, so you'll get your money tomorrow."
One set of rules for the folks in charge, another for the rest of us....
DSU is hosting sessions on the payroll change tomorrow (Thursday, Otcober 2) at 8:30 and 9:45 in the East Hall auditorium and 11:15 and 1:00 in the Technology Classroom Building auditorium. Don't expect to hear the word "deception" there, either.
How does your street score? - I was actually surprised at my rating of 72%, I thought it would be higher. Check out your street rating.
3 hours ago