Budget: End-of-Year Unspent/Unencumbered Funds 3-11

School Board of the City of Virginia Beach
Policy 3-11


Budget: End-of-Year Unspent/Unencumbered Funds

  1. Generally

    All general funds not encumbered or spent by the end of the fiscal year (June 30) shall be considered to be funds for the fiscal year. Upon their re-appropriation by City Council to the School Board for the next fiscal year, such surplus funds may be used for the following purposes:

    1. To provide bonuses to employees pursuant to an approved "gainsharing" program designed to reward employees for their contribution to any cost-saving measures that result in a year-end surplus;
    2. To make any expenditure toward the purchase of a capital item;
    3. To make any expenditure toward an approved and funded capital project;
    4. To fund items of a non-recurring nature that were included in a School Board-approved school operating budget, but for which the City Council-approved budget did not include sufficient funding; and/or
    5. To provide supplemental funding for the Special Reserve Fund established pursuant to School Board Policy 3-28.
    6. To reduce future debt service costs.

Code of Virginia § 22.1-100, as amended. Unexpended school and educational funds.

School Board Policy 3-28

Adopted by School Board: February 16, 1993
Amended by School Board: May 6, 1997
Amended by School Board: February 8, 2022