Composite index of local ability to pay; JLARC to study feasibility of adjusting.

Study; JLARC; feasibility of adjusting the compositeindex of local ability to pay; report. Requires the Joint LegislativeAudit and Review Commission to study the feasibility of adjustingthe composite index of local ability to pay by (i) reviewing currentstatutory, constitutional, and budgetary provisions governing thecalculation of Standards of Quality costs and funding; (ii) examiningthe components of the composite index of local ability to pay; (iii)evaluating other states' public school funding formulas; (iv) hearinglocal concerns and seeking input from various state and national experts, as applicable; and (v) determining the feasibility of reducingthe local share under the Local Composite Index (LCI) in schooldivisions in which the locality is determined to have above-averagefiscal stress or high fiscal stress by the Virginia Commission onLocal Government in its most recent "Report on the Comparative RevenueCapacity, Revenue Effort, and Fiscal Stress of Virginia Countiesand Cities."