2008 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Toscano
Composite Index Formula Adjustment - Albemarle

Item 140 #33h

Item 140 #33h

First Year - FY2009 Second Year - FY2010
Education: Elementary and Secondary
Direct Aid To Public Education FY2009 $420,554 FY2010 $429,916 GF

Page 115, line 57, strike "$6,399,847,793" and insert "$6,400,268,347".
Page 115, line 57, strike "$6,599,719,818" and insert "$6,600,149,734".
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, but shall not adjust the composite index of any other localities.  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.  The additional estimated state costs due to the reduction of Albemarle's true value by ten percent will be phased in at fifteen percent the first year and fifteen percent the second year of the 2008-2010 biennium."
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 provides $420,554 the first year and $429,916 the second year from the general fund by adjusting the composite index funding formula methodology of Albemarle County. The proposed methodology change incorporates the annexation and revenue sharing agreement that currently requires revenue to be transferred from Albemarle to Chalottesville. That agreement, approved by voter referendum in 1982, resulted in Albemarle transferring a calculated amount, not to exceed ten percent of Albemarle's real estate property value to Charlottesville each year. The transfer formula is based on a composite of both localities' population, tax rates, and real estate values. The remaining school divisions shall not have their composite index adjusted and will be held harmless.)