Richmond is set to lose millions in state education funding next year.
The Richmond Times-Dispatch reports state officials have determined that the city will be responsible for a greater share of school costs split between the state and local governments for 2022-2024, as Gov. Ralph Northam is preparing to introduce his final two-year budget this month.
Richmond city and school division officials say they aren’t sure how much revenue they will lose, but some city leaders and government finance experts estimate that the city may need to plug a $30 million hole in the next city schools budget.
The anticipated change in state funding is based on the city’s booming property values and personal income. That's according to the state’s recently calculated local composite index, a formula used every two years to determine state funding for public school divisions.
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The mathematical equation shows rising wealth in Richmond, but city and school leaders say it fails to capture that 1 in 4 residents still live in poverty.
