| Table 7 - Raising the Cap on the Growth Factor | |||||||
| Impact Upon FY02 "Statutory" Chapter 70* | |||||||
| Current Cap: Mrgf is limited to the annual percent change in Chapter 70 | |||||||
| State total FY01 | 2,990,396,788 | ||||||
| State total FY02 | 3,158,904,460 | ||||||
| Pct Increase | 5.63 | ||||||
| 139 communities are capped | |||||||
| 8 of them have uncapped factors greater than 10 percent | |||||||
| BERKLEY | 10.49% | ||||||
| GRANVILLE | 14.17% | ||||||
| NANTUCKET | 12.40% | ||||||
| PETERSHAM | 10.34% | ||||||
| SAVOY | 13.93% | ||||||
| SUNDERLAND | 19.01% | ||||||
| WENDELL | 17.90% | ||||||
| WINCHENDON | 10.01% | ||||||
| If Cap Were Set at 1.5 times the state average mrgf | |||||||
| State average mrgf = 5.04 | |||||||
| State cap = 1.5 x 5.04 = 7.56 | |||||||
| 37 communities are capped at 7.56 | |||||||
| Contribution at 5.63 cap | 4,001,257,828 | ||||||
| Contribution at 7.56 cap | 4,010,388,348 | ||||||
| Increase due to raising the cap | 9,130,520 | ||||||
| * The "statutory" run makes several assumptions that are guided by recent years' budget | |||||||
| decisions. Foundation budget: the wage factor is raised halfway up to 100 percent, | |||||||
| for any community where the unadjusted factor falls below 100 percent. | |||||||
| Chapter 70: Minimum aid is set a $150 per pupil, and FY01 supplementary aid | |||||||
| is not built into base aid. | |||||||