Title
Resolution to Amend the Fiscal Year 2020 Budget and to Appropriate $2,080,615 of Fiscal Year 2019 State Carryover Funds to the General Fund's School Operating Fund to Offset the Impact of Fiscal Year 2020 State Revenue Adjustments
Purpose
PURPOSE/BACKGROUND:
The School Board of the City of Hampton is requesting appropriation of $2,080,615 of fiscal year 2019 state carryover funds to offset the impact of fiscal year 2020 state revenue reductions. If the reductions do not occur, the funds will be spent for the operational and instructional technology capital projects, instructional expenditures, the Academies of Hampton, and other one-time expenditures.
This appropriation request is authorized by Chapter 854, Item 136, Section (B)24. a (2019 Amendments to the 2018 Appropriation Act), which provides that any locality that has met its required local effort for the Standards of Quality accounts for FY 2019 and that has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in FY 2019 may carry over into FY 2020 any remaining state Direct Aid to Public Education fund balances available to help minimize any FY 2020 revenue adjustments that may occur in state funding to that locality. Localities electing to carry forward such unspent state funds must appropriate the funds to the school division for expenditure in FY 2020.
Recommendation:
Rec
Approve.
Body
WHEREAS, Chapter 854, Item 136, Section (B) 24.a of the 2019 Acts of Assembly (2019 Amendments to the 2018 Appropriation Act) permits school divisions that have met required local effort for Standards of Quality accounts and required local match for incentive or Lottery-funded programs in which the locality elected to participate in for fiscal year 2019 to carry forward fiscal year 2019 unexpended state funds to fiscal year 2020 to help minimize the impact of any fiscal year 2020 state revenue adjustments to the school ...
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