School Board of the City of Virginia Beach
Policy 3-15

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Local Funds

A.  Generally

The school board receives local funds for school operation from revenues appropriated to the school board from city council and from other sources such as rents, tuition, sale of equipment, gifts, bequests and the Technical and Career Education Foundation.

B.  Expenditure of Excess Local Revenues

1.  Any "actual-over-estimated" local revenues that are appropriated to the board by city council pursuant to the council's policy for the sharing of revenues between the city and the board shall only be expended for the following purposes:

a.  To maintain or supplement the Special Reserve Fund set forth in School Board Policy 3-28;

b.  To fund items of a non-recurring nature that were included in a board-approved school operating budget, but for which the city council-approved budget did not include sufficient funding;

c.  To make any expenditures for the purchase of a capital item; and/or

d.  To reduce future debt service costs.

2.  Any expenditure of council-appropriated "actual-over-estimated" local revenues shall require a resolution adopted by a majority of the members of the board, which resolution shall state the purpose(s) of the expenditure, and the total amount to be expended.

Editor's Notes
For the Technical and Career Education Foundation see school board policy 3-16 following.
For sale and lease of property see school board policy 3-23.
For gifts and bequests see school board policy 3-24.
For trust funds see school board policy 3-25.

Legal Reference:

Code of Va., § 22.1-88. Of what school funds to consist.

Code of Va., § 22.1-100. Unexpended school and educational funds.

 

Adopted by School Board:  February 16, 1993
Amended by School Board:  May 6, 1997