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Supervisors, School Board Discuss Upcoming Budget
A “worst case scenario” of funding for Rockbridge County schools next year suggests the need for a local funding increase of $1,528,119.
That’s the anxiety-provoking news the division’s administration delivered at a joint meeting last week of the Board of Supervisors and the School Board.
A key component driving this unpleasant financial picture is Rockbridge County’s local composite index – the formula used by the state to determine a jurisdiction’s ability to fund its school system. Rockbridge County’s LCI rose significantly over the previous biennium, from .4530 to .4847. The LCI takes into account property values, adjusted gross income, taxable retail sales and student and total population.
Because of the rise in the LCI, Rockbridge County stands to receive less in state financial support for the schools next year than it otherwise would have. LCIs are recalculated by the state every two years.
Another issue driving up costs for the county schools is a projected 20 percent increase to the employer’s share of health care insurance, which would have a cost of $600,000 for the division. A proposed 4 percent increase in pay for teachers and staff would have a cost of $1,069,819.
D. Jason Kirby, the division’s chief business officer, emphasized that the figures being presented were based on the governor’s proposed state budget, which is a “worst case scenario.” Budget proposals that have come out of House of Delegates and state Senate finance committees, Kirby said, call for more favorable funding for local divisions. The governor’s budget includes a 1 percent bonus for teachers while the House and Senate budgets call for raises of at least 3 percent.
There are other factors that could reduce the projected costs for the schools next year. The Virginia Retirement System’s board is recommending a drop in the VRS employer contribution rate that could result in estimated savings for the local division of $300,000. Also, the county’s consultant on health care plans is looking at other options that could lead to lower premium costs.
The division will have a better grasp of what funding to expect from the state when a state budget is finalized. The General Assembly’s scheduled adjournment date for the current session is this Saturday, March 9.
