Composite index; General Assembly to modify Standards of Quality funding formula and calculation. (HB1141)

Introduced By

Del. Harvey Morgan (R-Gloucester) with support from co-patron Sen. Lynwood Lewis (D-Accomac)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Education; computation of composite index.  Requires the General Assembly to modify the current Standards of Quality (SOQ) funding formula and calculation of composite index of local ability to pay that determines each locality's ability to pay for its share of providing an educational program meeting the prescribed SOQ to incorporate within the current indices of wealth the indicated weighting: (i) true values of real estate and public service corporations, at 30%; (ii) adjusted gross income, at 40%; and (iii) the sales subject to the state general sales and use tax, at 30%.

The current composite index of local ability to pay provides for the true value of real estate weighted at 50%, with adjusted gross income weighted at 40%, and taxable retail sales weighted at 10%, as indicators of local wealth. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/13/2010Committee
01/13/2010Prefiled and ordered printed; offered 01/13/10 10102492D
01/13/2010Referred to Committee on Appropriations
01/19/2010Assigned App. sub: Elementary and Secondary
02/10/2010Impact statement from DPB (HB1141)
02/10/2010Subcommittee recommends laying on the table
02/16/2010Left in Appropriations