The personnel administrator shall submit to the director a proposed pay plan showing for each class of position in the classified service minimum and maximum salary rates and such intermediate rates as he or she deems desirable. In arriving at these rates he or she shall take into consideration the advice and suggestions of appointing authorities and other supervising officials, prevailing rates for comparable service in other public employment and in private business, the current cost of living, and the state’s financial policies, conditions, and appropriations.