A pay range is a level of pay that is assigned to a class. It comprises a wage range through which an employee may progress. Pay ranges are assigned to classes based upon the following factors:
(A) Duties and responsibilities of position or class;
(B) Internal equity-maintenance of pay ranges of classes in appropriate relations to one another;
(C) Prevailing rates for comparable work in both public and private employment, including comparative fringe benefits;
(D) Pay relationships between supervisors and employees;
(E) Employee recruitment and retention problems;
(F) Economic trends and forecasts; and
(G) Availability of funds.