RICHMOND, VA (WWBT) - The budget deal approved Sunday by the General Assembly includes more than $250 million in additional cuts to education over the 2011-2012 biennium. Some of those cuts come from the Local Composite Index (school funding formula).
According to a summary released by the House Appropriations Committee, the budget that awaits Gov. Bob McDonnell's signature preserves LCI funding at the current level for 2011.
But in 2012, a hold-harmless grant is reduced by 50 percent, meaning certain schools would be responsible for filling a new revenue gap in that year.
While this funding gaps in area school districts would amount to only a fraction of their overall budgets, they signal that budget battles are not over.
Other highlights of the new budget on education:
- Funds the normal VRS rate for teacher retirement
- Reduces aid to public libraries by $868,931 each year
- $40 Million in reductions to general fund for higher education
Stay with NBC12 for reaction and analysis to the education components of the new state budget.