TO: Members, VACo Finance Steering Committee
FROM: Dean A. Lynch, CAE, Deputy Executive Director
SUBJECT: Board of Education releases new rebenchmarking numbers
Copy: VACo Education Steering Committee, County Liaisons, County Administrators
The Board of Education is currently meeting today, Sept. 26, in Richmond. Reports from the meeting reveal that rebenchmarking costs for FY 2014-2016 are estimated to be $350.6 million above the preceding biennial budget of direct aid.
Rebenchmarking represents the state cost of continuing the direct aid programs into the next biennium ($165.5 for FY 2015 and $185.2 for FY 2016). Updates to Lottery-funded and categorical accounts are pending and will increase costs further. The Local Composite Index (LCI), additional enrollment projections, sales tax and lottery projections, and VRS updates are still pending.
See the following presentation.
Courtesy: J. Regimbal, Fiscal Analytics