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Senators press for Local Composite Index fixes after high LCI penalizes small, low-income divisions
Summary
Senators and a Surry County schools superintendent urged changes to Virginia's local composite index (LCI), arguing the formula overstates some localities' ability to pay and reduces state school funding for districts with high poverty or unique property bases.
Senate members and local officials urged the Finance Committee to adjust the local composite index, a formula that helps determine state share of K-12 funding, saying it misstates the ability of some small or unusually assessed localities to pay for schools.
Senator Jennifer Baird highlighted amendment 125 #17 to cap Surry County's LCI at 0.65, saying Surry's LCI is currently 0.80 because a single Dominion power plant dominates the locality's property valuation while the county's population is just about 6,500. "This is a unique situation because Surry County currently has the highest possible calculator for the LCI of…
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