FY24 Clause Samples
The FY24 clause defines the specific fiscal year, typically spanning from 2023 to 2024, to which the agreement, obligations, or financial terms apply. In practice, this clause clarifies that all referenced budgets, deliverables, or performance metrics are tied to the FY24 period, ensuring that both parties understand the relevant timeframe for compliance and reporting. Its core function is to eliminate ambiguity regarding the applicable fiscal year, thereby preventing misunderstandings about deadlines, financial responsibilities, or performance expectations.
FY24 a. Effective the first full pay period in July 2023, all bargaining unit employees will receive an increase of three percent (3%) in their base rate of pay.
FY24 i. Effective the first full pay period in July 2023, all bargaining unit employees will receive a 4% increase in their base pay by increasing the wage range by 2% and by moving up one step. Bargaining unit employees who have reached their maximum step will stay on their current step, and they will get a lump sum bonus equal to two percent of the em- ployee’s base compensation for the prior fiscal year, paid out on a quarterly basis.
ii. Extra Step Increase. Effective the first full pay period in July 2023, any bargaining unit employee who is working at a step that is below their appropriate step based on years of experience in their current position will be moved up one additional step.
iii. Any bargaining unit employee who was employed on the date of ratification will have a wage of at least $20 per hour.
FY24. Effective the first full pay period in August 2023, the wage tables for providers will be revised based on the 2022 NACHC wage data, using 100% of the target wage. All wage targets will be based on the 50th percentile wage for the specified position for Region 1 (New England), at organizations with more than 70,000 encounters. The wage rate for Primary Care Physician will be an average of the rate for Family Medicine and for Internal Medicine MD/DO. The wage rate for Primary Care Advanced Practice Provider (including CNM) will be an average of the rate for APRN and PA. The rate for other positions will be the rate for that specific position. Providers will be paid at their existing wage rate or the rate provided in the revised wage table, whichever is higher. Providers will move to a higher tier if they are eligible based on their years of experience.