RD558 - Annual Report to the General Assembly on the Updates to the Standards of Quality – November 15, 2019
In accordance with Chapter 854, 2019 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 fiscal year 2020 and the 2020-2022 biennium:
• Updates for the 2020-2022 biennial SOQ rebenchmarking process, as received by the Board of Education at its September 18, 2019, meeting;
• Update of the Composite Index of Local Ability-to-Pay for the 2020-2022 biennium;
• Update of fringe benefit contribution rates for funded positions in the SOQ model based on Virginia Retirement System board-certified rates for the 2020-2022 biennium;
• Update of fall membership and average daily membership projections based on September 30, 2019, fall membership data (preliminary) for fiscal year 2020 and for the 2020-2022 biennium;
• Update of the Lottery Proceeds Fund estimate based on the Virginia Lottery’s October 2019 forecast for fiscal year 2020 and for the 2020-2022 biennium;
• Update of sales tax revenues for public education for fiscal year 2020 and for the 2020-2022 biennium based on the Virginia Department of Taxation’s 2019 GACRE forecast; and
• Update of the latest yearly estimate of school age population provided by the Weldon Cooper Center for Public Service for the distribution of sales tax revenues to school divisions.