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By Jennifer Tepper Heverly
Special to the Rappahannock News
According to School Superintendent Dr Robert Chappell, Rappahannock County’s school budget could be reduced by over $300,000 for the 2007 fiscal year, due to increased retirement premiums and reduced state funding. Chappell presented the possible budget hits to the Rappahannock County School Board at their January 10 meeting. The projected cut in state funding would come as a result of the recalculation of Rappahannock’s Local Composite Index (LCI), which has gone up frnm .6905 to .7463 for 2006-2008. The LCI is calculated every two years using the market value of land in the county and the total income of county residents. Counties with higher income and land values receive less state dollars than poorer ones, and Rappahannock rates higher than most surrounding counties. Rappahannock’s new higher rating will result in a loss of over $100,000 in state funds for 2007. This funding cut would impact Rappahannock’s School budget at the same time as a projected increase in Virginia Retfrement System premiums will cost the county more than $200,000.
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