New Job Position

So last month my manager emailed me about a job opening in our company and thought I may be interested. The position greatly interested me, but I wasn't too sure if I would even get it since I have only been with the company for a little over a year and recently graduated. I have learned from experience that it is always beneficial to have a great relationship with all of your past coworkers and managers/supervisors. Luckily my first manager at my current employer is wonderful and has always looked out for me as far as available positions. At first I wasn't too sure about applying for this position, but he told me to apply and he also mentioned he will put in a good word for me. He pretty much said it would b a step up the ladder from what I currently do as well as it has better room for income growth and advancement. I followed his advice and applied. The day after submitting my resume I was scheduled for an interview with the supervisor of the new position. My interview went great and he told me that he thinks I would be a great candidate for the job. About 3 days later my current manager met with me to discuss if I was to get the position, she would need to find someone to fill my current position. She asked me about my job duties and what hurdles a person new to the job may face. My manager mentioned that she may know someone who could fit the job well, but she needed to talk to this potential candidate first. My manager found someone who would accept my current position and she informed me that next week I will be able to transition to my new position. Overall I am greatly excited is the new position related to something I have always been interested in and I think it will help me advance myself in the company and if not it will allow me to build a skill set that other companies are greatly interested in. My overall pay increases by 7%, but I do not get paid for overtime anymore, instead I will accrue paid time off/vacation time, which can be carried to the next calendar year and in some cases can be cashed in, and best of all I will no longer have to spend $140/month of parking. Every year there is a cost of living raise as well as a bonus, which is dependent on your performance evaluation, which I have done great in so far. My pay increase for the new position was not as much, since I will be starting the job mid year and this is a new position, which was not originally budgeted for, but next year my pay will increase accordingly since the budget will include the position, which will be the best part of the deal.