Pay rates in the Standard Pay Plan may be set by: a series of pay grades and steps within each grade; fixed rates; or minimum and maximum amounts. Pay rates in the Executive Pay Plan may be set by: a series of executive pay grades and steps within each grade; fixed rates; or minimum and maximum amounts. In setting or amending a pay rate, the Secretary shall consider: the prevailing pay rates for comparable services in private and public employment; experience; living costs; benefits; and the financial condition and policies of this State. A pay rate in either pay plan is subject to any limitations included in the State budget.