HomeMy WebLinkAboutI. B. VBCPS REVERSION FUNDING 11.12.2024FY 2023/24 Reversion and Revenue
Sharing Formula Reconciliation
City Council Formal Session Meeting
November 12, 2024
Office of Budget Development
Breakdown of Reversion Funds
Description Amount
School Operating fund reversion*$16,423,541
Unexpended debt service $5,327,022
Federal revenue over budget $8,671,589
State revenue over budget $3,330,989
Sales tax under budget $(4,900,117)
Other revenues over budget $2,618,297
Athletics fund reversion $176,939
Green Run Collegiate fund reversion $45,364
Total FY 2023/24 Reversion Funds $31,693,624
2
1.8% of
the School
Operating
budget
* Excludes debt service and revenues over/under budget
Revenue Sharing Formula True-up
•Per the Revenue Sharing Formula, if actual local tax revenues exceed
the budgeted local tax revenues, the School Board may request that
such funds be appropriated at the same time as the appropriation of
reversion funds
•FY 2023/24 city revenues underperformed the budget
•The Revenue Sharing Formula true up is $(1,162,099)
3
Net Available for Reappropriation
Description Amount
Total FY 2023/24 Reversion Funds $31,693,624
FY 2023/24 City Revenue Sharing Formula True-Up $(1,162,099)
Net Available for Reappropriation $30,531,525
4
Proposed Spending Plan
Description Amount Balance
Amount available for reappropriation $30,531,525
Capital Improvement Program $10,031,525 $20,500,000
PAYGO funding to replace authorized, but unissued PFRB ($5,327,022)
PAYGO funding for project 1-020 Renovations and Replacements - Various Phase III
($1,500,000)
PAYGO funding for project 1-030 Payroll System Replacement ($3,204,503)
School Reserve fund for use in the FY 2025/26 CIP $10,500,000 $10,000,000
Health Insurance Fund $10,000,000 $0
5
Questions or Discussion 6