Here is a letter to the editor that Senator Herring wrote about this issue:
The legislature will face many difficult decisions this session. One of the most important issues of concern to Loudoun County will be whether to reformulate the Local Composite Index (LCI), which determines how much education funding each locality receives from the state.
The LCI is meant to distribute money equitably, so poor districts get more school funding from the state and wealthy districts get less. Many of us in Northern Virginia have long found it unfair to shoulder such a large share of education funding. Every two years, the formula is recalculated, using updated data on enrollment, income, retail sales and real estate values. This year, for once, Loudoun stands to benefit from the reformulation because of dramatic declines in the housing market.
However, the proposed budget offered by Governor Kaine, unfortunately, includes a delay in reformulating the LCI. This proposed delay would result in Loudoun County Public Schools losing out on nearly $35 million it ought to receive. That equates to six cents on the real estate tax rate here in Loudoun. There are always winners and losers whenever the LCI is reformulated. Much of the rest of the state benefits from the delay, but it comes at an enormous cost to a handful of other jurisdictions and Loudoun is hit disproportionately hard.
I have introduced a budget amendment to reverse this proposed delay and proceed with the reformulation of the LCI.
This is a fairness issue. While there have been aspects of the LCI that many of us have felt were unfair, we have nevertheless abided by the formula and paid more than our fair share. It is patently unfair that the one time reformulation of the LCI stands to benefit Loudoun and some other Northern Virginia jurisdictions; a proposal comes forward to break with our court-tested and time-honored procedure.
I will use every effort at my disposal to secure passage of the amendment and I will support no budget that treats Loudoun County and our school children and taxpayers unfairly.
Sincerely,
Senator Mark Herring
Tags: LCI, Local Composite Index, Loudoun, Senator Mark Herring