18. (15 points) Calculate the salary budget for calendar year 20X2 needed for the following. Volume in the budget year is planned to be 54,000 units of service. Each staff FTE can do 1,500 units a year. In examining the payroll and personnel records of your department, you have determined that productive time is 85 percent of total paid time. For purposes of this solution, the assumption is that new staff cannot be hired in less that half time FTE increments (e.g., if you calculate a need for 12.3 additional, new FTES, 12.5 FTES must be hired). A pay raise will be given to all staff on May 1st of each year at a rate of 10 percent. The January 1, 20X2 rate of pay for new hires is set at $34.00/hour regardless of hire date. The following are the current staff with FTE values and hourly rates of pay as of April 1, 20X1: I Employee Name 1 Name 2 Name 3 Name 4 Name 5 Name 6 Name 7 FTE Value Pay Rate $34.50 31.25 1.0 1.0 0.5 1.0 0.5 1.0 1.0 29.35 32.65 24.75 36.20 31.00