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interest and agreeing in principal without committing the Board financially. “I’m not ready to recommend that you send them a check for $1,000,” he commented.
BOARD Member Walter Masterson asked if the fight to amend the funding formula would center around changing the composite index that determines the amount each county receives in state funds. (The composite index is derived through a complicated formula that places heavy emphasis on the adjudged “fair market value” of property. Other factors included in index determination are personal property values and sales tax revenues.)
Norton agreed that the composite index was arrived at by computing land values “not in keeping with income” of rural county residents and noted that taxes were paid by income, not the “fair market value” of the family farm. But Norton said he was not sure how the factor of inflated land values would be worked into the composite index.
Masterson suggested that the letter from the Bath Superintendent be forwarded to the Rappahannock Supervisors.
Norton concurred. “I agree that the Legislature would listen to an
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