RD491 - Annual Report to the General Assembly on the Updates to the Standards of Quality – November 15, 2017
In accordance with Chapter 836, 2017 Acts of Assembly, the Department of Planning and Budget (DPB), in coordination with the Department of Education (DOE), has prepared the annual report on the update to the Standards of Quality (SOQ) based upon the most current data available. This report includes technical updates to the SOQ accounts that are calculated on an annual basis as well as biennial updates associated with the rebenchmarking process.
Specifically, this report contains the following updates and projected state costs for the Standards of Quality in FY 2018 and the 2018-2020 biennium:
• Updates for the SOQ rebenchmarking process, as received by the Board of Education at its September 28, 2017, meeting;
• Update of the Composite Index of Local Ability-to-Pay (preliminary);
• Update of fringe benefit contribution rates for funded positions in the SOQ model based on Virginia Retirement System (VRS) board-certified rates;
• Update of fall membership and average daily membership projections based on September 30, 2017, fall membership data (preliminary);
• Update of the Lottery Proceeds Fund estimate based on the Virginia Lottery's November 2017 forecast;
• Update of sales tax revenues for public education based on the Virginia Department of Taxation's November 2017 forecast;
• Update of the latest yearly estimate of school age population provided by the Weldon Cooper Center for Public Service; and
• Adjustment to reinstate the FY 2018 appropriation that was transferred to FY 2017 to cover the Direct Aid appropriation shortfall resulting from higher than expected enrollment reported as final Average Daily Membership (ADM).