Title
Resolution to Amend the Fiscal Year 2022 Council Approved Budget to Appropriate $2,767,491 of Fiscal Year 2021 State Carryover Funds to the General Fund's School Operating Budget to Offset the Impact of Fiscal Year 2022 State Revenue Adjustments
Purpose
PURPOSE/BACKGROUND:
This appropriation request is authorized by Chapter 552, Item 145, Section (B)24.a of the 2021 Acts of Assembly (2021 Appropriation Act), which provides that any locality that has met its required local effort for the Standards of Quality accounts for FY 2021 and has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in for FY 2021 may carry over into FY 2022 any remaining state Direct Aid to Public Education fund balances available to help minimize any FY 2022 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 2022.
Discussion:
The School Board of the City of Hampton is requesting appropriation of $2,767,491 of fiscal year 2021 state carryover funds to offset the impact of fiscal year 2022 state revenue reductions. If the reductions do not occur, the funds will be spent for operational and instructional technology capital projects; instructional expenditures; the Academies of Hampton; and other one-time expenditures.
Recommendation:
Approve.
Body
WHEREAS, Chapter 552, Item 145, Section (B) 24.a of the 2021 Acts of Assembly (2021 Appropriation Act) permits school divisions that have met the required local effort for the 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 2021 to carry forward fiscal year 2021 unexpended state funds to fiscal year 2022 to help minimize the impact of any fiscal year 2022 state revenue adjustments to the school division;
WHEREA...
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