Title
Resolution authorizing the appropriation of $881,958 in fiscal year 2016 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 2017 state revenue adjustments
Purpose
PURPOSE/BACKGROUND:
Hampton City Schools has seen over $23 million in state funding cuts since FY09. In addition, student enrollment is on the decline. Each year we hope that the state funding picture will improve, but so far the majority of the funding increases have been for mandatory expenditures, primarily VRS. As we entered the 2017 fiscal year we knew the possibility existed that additional funding reductions could be forthcoming based on the commonwealth’s revised revenue projections and the potential loss of the compensation supplement. The state of Virginia is facing a $266 million deficit and the impact to school divisions is a potential loss of revenue for the fiscal year 2017. The decision to carry forward some of our FY16 funding was in anticipation of using it to fund our PRIDE initiative, the Academies of Hampton, to purchase buses, and for other one-time expenditures; however, we soon learned that there were potential funding adjustments that might need to be made after the fiscal year began. If these funding adjustments do not materialize, we will spend the carryover as originally planned. As we closed the books on FY16, the actual amount available to carry over was $881,958.
Recommendation:
Rec
Pass the resolution.
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 2016 to carry forward fiscal year 2016 unexpended state funds to fiscal year 2017 to help minimize the impact of any fiscal year 2017 state revenue adjustments to the school division; and
WHEREAS, the School Board of the City of Hampton, Virginia has closed its books f...
Click here for full text