Title
Resolution to Amend the Fiscal Year 2021 Council Approved Budget to Appropriate $5,843,680 of Fiscal Year 2020 State Carryover Funds and Other Funds to the General Fund's School Operating Budget to Offset the Impact of Fiscal Year 2021 State Revenue Adjustments
Purpose
PURPOSE/BACKGROUND:
This appropriation request is authorized by Chapter 1283, 2020 Acts of Assembly (i.e. 2020 Appropriation Act) , which provides that any locality that has met its required local effort for the Standards of Quality accounts for FY 2020 and has met its required local match for incentive or Lottery-funded programs in which the locality elected to participate in for FY 2020 may carry over into FY 2020 any remaining state Direct Aid to Public Education Fund Balances available to help minimize any FY 2021 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 2021.
Discussion:
The School Board of the City of Hampton is requesting appropriation of $5,843,680 of fiscal year 2020 state carryover funds and other funds to offset the impact of fiscal year 2021 state revenue reductions. If the reductions do not occur, the funds will be spent for one-time operational and instructional expenditures.
Recommendation:
Rec
Approve.
Body
WHEREAS, Chapter 1283, 2020 Acts of Assembly (i.e. 2020 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 2020 to carry forward fiscal year 2020 unexpended state funds to fiscal year 2021 to help minimize the impact of any fiscal year 2021 state revenue adjustments to the school division;
WHEREAS, the School Board of the City of Hampton, Virginia received additional state funds of $2,167,336 due to exceeding ...
Click here for full text