State’s Earlier Decision is Now Hitting Home:

Three years ago, Virginia borrowed from the VirVA Retirement System logoginia Retirement System to balance the state budget—local officials say that measure is now affecting school funding bottom lines in AmherstCounty and other school divisions across the region. Amherst officials say the budgetary decision made by legislators in Richmond left a billion-dollar hole in the system, meaning AmherstCounty now is required to make a more than $700,000 contribution to VRS. The New Era Progress reports, the state announced this year that AmherstCounty is able to pay more for education. According to the article, there has been an increase to the local composite index, a calculation used to determine a locality’s ability to pay for education costs. If the LCI had dropped, then state aid would have increased.

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