The Virginia Department of Education (VDOE) has released its biennial update of the Composite Index of Local Ability-to-Pay. Calculated using a locality’s true value of real property, adjusted gross income, and taxable retail sales, this index, also referred to as the Local Composite Index or LCI, determines a school division’s ability to pay educational costs fundamental to the Virginia’s Standards of Quality (SOQ’s). Put more simply, the LCI determines the state and local division’s share of costs for K-12 education.
The 2018-2020 LCI saw 47 school divisions’ values decrease (meaning less local funding will be required) and 79 divisions’ values increased. Eight divisions’ values remained capped, and one division’s value remained the same as 2016-2018.
To view the 2018-2020 Local Composite Index and learn more about the data and formula, please visit the official VDOE Composite Index of Local Ability-to-Pay website.
VACo Contact: Chris McDonald