2008 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Bell
Composite Index Formula Change

Item 140 #29h

Item 140 #29h

First Year - FY2009 Second Year - FY2010
Education: Elementary and Secondary
Direct Aid To Public Education FY2009 ($71,742) FY2010 ($123,711) GF

Page 115, line 57, strike "$6,399,847,793" and insert "$6,399,776,051".
Page 115, line 57, strike "$6,599,719,818" and insert "$6,599,596,107".
Page 119, after line 47, insert:
"c. In recognition of Albemarle County and the City of Charlottesville being in an active annexation and revenue sharing agreement that requires a revenue transfer from Albemarle to Charlottesville, with a maximum transfer amount capped at ten percent of the applicable real estate tax base year for Albemarle, Albemarle shall have an equal percentage amount excluded from the local true property value total amount used in calculating Albemarle's composite index for the 2008-2010 biennium.  For the purposes of the composite index updates for the 2008-2010 biennium, Albemarle's true property value shall be reduced by ten percent from $15,464,818,659 to $13,918,336,793."
Page 119, line 48, strike "c.1)" and insert "d.1)".
Page 120, line 27, strike "d." and insert "e."
Page 120, line 36, strike "e." and insert "f."

(This amendment saves a net of $71,742 the first year and a net of $123,711 the second year from the general fund by adjusting the composite index funding formula methodology. The proposed methodology change incorporates the annexation and revenue sharing agreement that require revenues to be transferred from Albemarle to Chalottesville. The agreement, approved by voter referendum in 1982, resulted in Albemarle transferring a calculated amount to Charlottesville each year that is based on a composite of both localities' population, tax rates, and real estate values. This amendment provides a state revenue increase to Albemarle equal to $2.8 million the first year and $2.9 million the second year. The remaining school divisions collectively will have their state revenues reduced by $2.9 million the first year and by $3.0 million the second year.)