Title
Resolution to Amend the City Council Approved Fiscal Year 2024 Budget to Accept and Appropriate to the General Fund’s School Operating Fund: (1) $7,866,046 of State Carryover Funds; and (2) $14,365,777 of Additional Fiscal Year 2024 State Funds
Purpose
PURPOSE/BACKGROUND:
The School Board of the City of Hampton (“School Board”) is requesting the acceptance and appropriation of:
(1) $7,866,046 of the fiscal year 2023 state carryover funds. $5,400,135 of this amount is state funding from the School Construction Grant Program Entitlement which ends June 30, 2025. The remaining $2,465,911 is to offset the impact of the fiscal year 2024 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 2, Item 137, Section (B), 2022 Special Session I Acts of Assembly ( i.e. 2022 Appropriation Act), which provides that any locality that has met its required local effort for the Standards of Quality accounts for FY 2023 and that has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in FY 2023 may carry over into FY 2024 any remaining state Direct Aid to Public Education fund balances available to help minimize any FY 2024 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 2024. Additionally, unspent School Construction Grant Program Entitlement balances as of June 30, 2023, and June 30, 2024, shall be appropriated to school divisions the following year. This request was approved by the School Board at its meeting on September 6, 2023; and
(2) $14,365,777 in additional state funds authorized by the General Assembly’s...
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