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2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Gilbert
Supplemental Funding for Composite Index Change

Item 134 #1h

Item 134 #1h

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 $100,000 FY2008 $100,000 GF

Language
Page 107, line 2, strike "$2,447,750" and insert "$2,547,750".
Page 107, line 2, strike "$1,947,750" and insert "$2,047,750".
Page 108, after line 8, insert:
"H. This appropriation includes $100,000 the first year and $100,000 the second year from the general fund to provide temporary financial relief to Rappahannock school division as a transitional hold harmless supplement as a result of lost state funds due to a large change of the division's composite index."


Explanation
(This amendment provides $100,000 the first year and $100,000 the second year from the general fund to Rappahannock school division to offset the lost state funds from a large change in their composite index from 0.6905 to 0.7463. The land values are artificially inflated primarily by sales to nonresidents. As a result, the true value of the county's property increased by 34 percent between 2001-2003. This allocation will provide the school division an opportunity to plan division-wide reductions without having to implement draconian financial cuts and potential employee reductions.)