Title
Resolution Authorizing the Appropriation of $203,389 in Fiscal Year 2018 State Carryover Funds for the School Operating Fund of the School Board of the City of Hampton, Virginia to Offset the Impact of Fiscal Year 2019 State Revenue Adjustments
Purpose
PURPOSE/BACKGROUND:
Chapter 1, 2018 Special Session I Acts of Assembly, Item 139, Section 24(b), permits school divisions that have met required local effort for the Standards of Quality accounts for FY 2018 and that has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in FY 2018 may carry over into FY 2019 any remaining state Direct Aid to Public Education fund balances available to help minimize the impact of any FY 2019 state revenue adjustments to the school division. Localities electing to take advantage of this carryforward opportunity must appropriate the funds to the school division for expenditure in FY 2019. Hampton City Schools has identified $203,389 in funds that qualify for this carryforward and is requesting that the City Council elect and move forward with this appropriation.
Impact:
The total amount requested for appropriation is $203,389 in Fiscal Year 2018 state carryover funds for the School Operating Fund of the School Board of the City of Hampton, Virginia.
Recommendation:
Approval.
Body
WHEREAS, Chapter 1, 2018 Special Session I Acts of Assembly, Item 139, Section 24(b) allows school divisions that have met required local effort for the Standards of Quality accounts for FY 2018 and that have met the required local match for incentive or Lottery-funded programs for Fiscal Year 2018 may carry forward unexpended Fiscal Year 2018 Direct Aid to Public Education fund balances to Fiscal Year 2019 to help minimize the impact of any possible Fiscal Year 2019 state revenue adjustments to the school division;
WHEREAS, the School Board of the City of Hampton, Virginia experienced a reduction a state funding for Fiscal Year 2019;
WHEREAS, the School Board of the City of Hampton, Virginia has closed its books for Fiscal Year 2018 and reported unexpended Fiscal Year 2018 qualifying state funds of $203,389;
WHEREAS, the School Board of the City of Hampton, Virginia has stated that they have met the required local effort and match for Fiscal Year 2018;
WHEREAS, the School Board of the City of Hampton, Virginia desires to use the $203,389 in unexpended qualifying Fiscal Year 2018 funds in Fiscal Year 2019 to offset the impact of Fiscal Year 2019 state revenue reduction; and
WHEREAS, the School Board of the City of Hampton, Virginia is requesting that City Council of the City of Hampton, Virginia approve and appropriate the carryover of unexpended state funds.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that the sum of $203,389 in Fiscal Year 2018 qualifying state carry over funds be appropriated to the School Operating Fund of the School Board of the City of Hampton, Virginia to offset the impact of Fiscal Year 2019 state revenue reductions.