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Dr. Gangel said the school system is expecting to also lose at least $20,000 in federal aid for education.
So he will start building the budget for the coming year assuming $20,000 less in federal aid, $360,000 less in state aid and an additional $138,900 contribution to the retirement system that must be included. He said that final figure may be adjusted during the assembly session if he gets information that the cost of living adjustment will not be entirely charged to the county.
While real estate values were dropping throughout most of the state, values in Rappahannock County remained fairly stable, Dr. Gangel mused. That translates to a higher LC1 for dje county. Also affecting the LCI is a slump in enrollment for the 1993-94 school year, which was used in computing the new index. That means more wealth that can be taxed per student.
Picking up an additional $500,000 from local taxes would mean a 10cent increase to the real estate tax rate. That would not include normal step increases for school system employees or any cost of living adjustments to pay scales.
92.4%