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2022 Session

Budget Amendments - HB30 (Floor Approved)

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Direct Aid - Virginia Preschool Initiative - Cost of Competing Adjustment

Item 137 #11h

Item 137 #11h

First Year - FY2023 Second Year - FY2024
Education
Direct Aid to Public Education FY2023 ($1,992,851) FY2024 ($2,014,165) GF

Language
Page 140, line 5, strike "$9,353,567,746" and insert "$9,351,574,895".
Page 140, line 5, strike "$9,071,830,605" and insert "$9,069,816,440".

Page 141, line 18, strike "$117,240,609" and "$117,531,866" and insert:

"$115,247,758" and "$115,517,701".

Page 162, line 17, strike "$117,240,609" and insert "$115,247,758".

Page 162, line 18, strike "$117,531,866" and insert "$115,517,701".

Page 162, strike lines 47 through 54.

Page 163, strike lines 1 through 5.



Explanation

(This amendment saves $2.0 million the first year and $2.0 million the second year from the general fund by implementing biennial rebenchmarking of Virginia Preschool Initiative per-pupil payments while excluding Cost of Competing Adjustments (COCA) as the introduced budget proposed. The Local Composite Index is capped at .5000 for VPI payments, rather than the traditional .8000 cap, meaning many of the same jurisdictions that would benefit from the application of COCA to VPI payments already benefit from the reduced LCI cap.)