In accordance with Item 137, Paragraph B.14, Chapter 2, 2022 Acts of Assembly, Special Session I (the Appropriation Act), the Department of Planning and Budget (DPB), in coordination with the Department of Education (DOE), has prepared the annual report on updates to the cost of the Standards of Quality (SOQ) based upon the most current data available for the 2022-2024 biennium. Because this session will amend the current budget and does not involve the rebenchmarking process, changes in the SOQ costs are limited and primarily include only technical updates based on revisions to data used to determine the costs.

This report includes two types of data updates to SOQ funding for fiscal years 2023 and 2024:

1. Update on 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; and

2. Update of the Lottery Proceeds Fund estimate based on the Virginia Lottery's most recent forecast.