Title
Resolution to appropriate $417,701 in fiscal year 2015 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 2016 State revenue adjustments
Purpose
PURPOSE/BACKGROUND: School divisions in the Commonwealth are permitted to carry forward unexpended funds from one fiscal year to the next if the required local effort and match are met. The schools have met the requirements for carrying over the funds and are requesting that they be appropriated for their use in Fiscal Year 2016. As the books were closed on FY15, the actual amount available to carry over was $417,701. These are restricted state funds that can only be used by our school system. Since 2009, state budget cuts and state school funding formula changes have resulted in a decrease of over $23 million of support to Hampton City schools.
Discussion:
N/A
Impact:
These funds are dedicated State carryover funds for Hampton City Schools and cannot be used for any other purpose. The City acts as a pass through for these funds, so their is no fiscal impact on the City.
Recommendation:
Rec
Approve on first and final reading.
Body
WHEREAS, Chapter 665 of the 2015 Acts of the General Assembly (2015 Appropriation Act) permits school divisions that have met required local effort and required local match for fiscal year 2015 to carry forward fiscal year 2015 unexpended state funds to fiscal year 2016 to help minimize the impact of any fiscal year 2016 state revenue adjustments to the school division;
WHEREAS, the School Board of the City of Hampton, Virginia has closed its books for fiscal year 2015 and has reported unexpended state funds of $417,701;
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 2015;
WHEREAS, the School Board of the City of Hampton, Virginia will use the $417,701 in unexpended state funds in fiscal year 2016 to offset the impact of fiscal year 2016 state revenue reductions to the school division; and
WHEREAS, the School Board of the City of Hampton, Virginia is requesting that City Council approve 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 $417,701 be appropriated in state carry over funds for the School Operating Fund of the School Board of the City of Hampton, Virginia to offset the impact of fiscal year 2016 state revenue adjustments.