Understanding the Local Composite Index (LCI) December 5, 2013.

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Presentation transcript:

Understanding the Local Composite Index (LCI) December 5, 2013

Local Composite Index (LCI) is a wealth indicator  Ratio of locality wealth per capita relative to the state Numerators:  Wealth Factors (with weights) Real Estate Values (.5) Adjusted Gross Income or AGI (.4) Taxable Sales (.1) Denominators:  Average Daily Membership or ADM (.67)  Population (.33) Facts to Keep in Mind

Charlottesville’s LCI Decreased From.6861 to.6680 When LCI decreases, state funds increase For 2015, there is a decrease of 1.81 percentage points, or %  This decrease is due primarily to a relatively small increase in Charlottesville’s Adjusted Gross Income (AGI) compared to the state, relatively small decrease in real estate values compared to the state and a higher than average increase in enrollment compared to the state Using this year’s funding formula, the decrease in the LCI increases state funding by $404,900

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367 Local Taxable Sales State Taxable Sales.22% 3.80% %$91,717 Local Real Estate Values State Real Estate Values -0.42% -2.79% %($163,303) Local Population State Population 2.85% 2.12% %$24,607 TOTAL %$404,900

Local ADM State ADM 2.00%.91% %$127,512 FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367 Local Taxable Sales State Taxable Sales.22% 3.80% %$91,717

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367 Local Taxable Sales State Taxable Sales.22% 3.80% %$91,717 Local Real Estate Values State Real Estate Values -.42% -2.79% %($163,303)

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367 Local Taxable Sales State Taxable Sales.22% 3.80% %$91,717 Local Real Estate Values State Real Estate Values -.42% -2.79% %($163,303) Local Population State Population 2.85% 2.12% %$24,607

FACTOR% CHANGE TO FACTOR % POINT SHARE OF LCI CHANGE OVERALL % SHARE OF LCI CHANGE EFFECT ON STATE FUNDS Local ADM State ADM 2.00%.91% %$127,512 Local AGI State AGI 1.85% 7.84% %$324,367 Local Taxable Sales State Taxable Sales.22% 3.80% %$91,717 Local Real Estate Values State Real Estate Values -.42% -2.79% %($163,303) Local Population State Population 2.85% 2.12% %$24,607 TOTAL %$404,900

Numerators:  Wealth Factors (with weights) Real Estate (.5) Adjusted Gross Income or AGI (.4) Taxable Sales (.1) Denominators:  Average Daily Membership or ADM (.67)  Population (.33)

Key Points to Remember Relative value of real estate local to state and ADM affect the LCI the most. AGI also had a significant impact this biennium. When the LCI decreases, state funds increase The LCI is computed each biennium by the DOE

Understanding the Local Composite Index (LCI) December 5, 2013