Bill Text: VA HB468 | 2012 | Regular Session | Prefiled

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Bill Title: Public school funding; Department of Education to adjust local composite index (LCI) calculation.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2012-02-20 - House: Left in Appropriations [HB468 Detail]

Download: Virginia-2012-HB468-Prefiled.html

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12102660D
HOUSE BILL NO. 468 Offered January 11, 2012 Prefiled January 10, 2012 A BILL to adjust the calculation of the local composite index for public school funding. ---------- Patrons-- Albo, Comstock and Surovell ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1.  §1. That the Department of Education shall adjust its calculation of the composite index of local ability to pay for public education as follows:

1. Beginning in 2014, the maximum local composite index (LCI) of 0.80 shall be reduced by .02 each year for a period of 10 years. Thereafter, the maximum shall remain at 0.60.

2. The average of true value of real property, adjusted gross income, taxable retail sales, average daily membership, and total population over the preceding five-year period shall be used in calculating the LCI.