HomeMy Public PortalAbout2010_02_09_R016 - LCI for State FundingThe Town o f
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PRESENTED:February 9, 2010
RESOLUTION NO. 2010-016 ADOPTED: February 9, 2010
A RESOLUTION: REQUESTING THAT THE VIRGINIA GENERAL ASSEMBLY
ADJUST THE LOCAL COMPOSITE INDEX FOR STATE FUNDING
TO LOCAL SCHOOL DIVISIONS ACCORDING TO THE
ESTABLISHED FORMULA FOR FISCAL YEAR 2011
WHEREAS, the Commonwealth of Virginia has established a formula, known as the
Local Composite Index, used to calculate state funding levels to local school divisions based
upon the divisions' ability to pay for educational costs required by the Commonwealth's
Standards of Quality; and
WHEREAS, former Governor Kaine's proposed budget for Fiscal Year 2011 included a
freeze on the Local Composite Index at Fiscal Year 20101evels; and
WHEREAS, Loudoun County Public Schools is one of the fastest growing school
divisions in the Commonwealth and is expected to add more than 3,350 students in Fiscal Year
2011; and
WHEREAS, if the Local Composite Index is adjusted for Fiscal Year 2011 according to
the established formula, Loudoun County will receive an additional $34 million in state funding;
and
WHEREAS, if Loudoun County does not receive additional funding from the
Commonwealth, the burden for the necessary funding will be placed upon the residents of
Loudoun County through real estate property taxes; and
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A RESOLUTION: REQUESTING THE VIRGINIA GENERAL ASSEMBLY ADJUST THE
LOCAL COMPOSITE INDEX FOR STATE FUNDING TO LOCAL SCHOOL
DNISIONS ACCORDING TO THE ESTABLISHED FORMULA FOR
FISCAL YEAR 2011
WHEREAS $34 million equates to approximately 7 cents on Loudoun County's real
estate property tax rate; and
WHEREAS, Town of Leesburg residents pay both Loudoun County and Town of
Leesburg real estate property taxes; and
WHEREAS, if necessary, this increase in real estate property taxes will greatly impact all
Loudoun County residents, including Town of Leesburg residents; and
WHEREAS, Governor McDonnell has announced that he will support adjusting the Local
Composite Index for the upcoming budget.
THEREFORE, RESOLVED that the Council of the Town of Leesburg, in Virginia
hereby requests the General Assembly to adjust the Local Composite Index for Fiscal Year 2011
according to the established formula.
PASSED this 9th day of February, 2010.
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~' C. mstattd, Mayor
Town of Leesburg
ATTEST:
Clerk of Co it
P:Utesolutions\Resolutions 2010\0209 Requesting adjustment of the LCI for FY2011.doc