Title
Resolution to Amend the Fiscal Year 2025 Council Approved Budget to Appropriate $7,683,324 in Fiscal Year 2024 State Carryover Funds to the General Fund's School Operating Fund to Offset the Impact of the Fiscal Year 2025 State Revenue Adjustments
Purpose
PURPOSE/BACKGROUND:
The School Board of the City of Hampton is requesting the appropriation of $7,683,324 of the fiscal year 2024 state carryover funds.to offset the impact of the fiscal year 2025 state revenue reductions. If the reductions do not occur, the funds will be spent on one-time operational and instructional expenditures, the Academies of Hampton, and other one-time expenditures.
This appropriation request is authorized by Chapter 1, 2024 Special Session I General Assembly, which provides that any locality that has met its required local effort for the Standards of Quality accounts for FY 2024 and that has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in FY 2024 may carry over into FY 2025 any remaining state Direct Aid to Public Education fund balances available to help minimize any FY 2025 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 2025.
Discussion:
The School Board of the City of Hampton is requesting appropriation of $7,683,324 of fiscal year 2024 state carryover funds to help minimize any fiscal year 2025 revenue adjustments that may occur in state funding. If the reductions do not occur, the funds will be spent on one-time operational and instructional expenditures, the Academies of Hampton, and other one-time expenditures.
Recommendation:
Rec
Approve.
Body
WHEREAS, Chapter 1, 2024 Special Session I General Assembly permits school divisions that have met required local effort for Standards of Quality accounts and required local match for incentive or...
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