HomeMy WebLinkAboutFY2024-25 Virginia Beach City Public School Reversion FundingFY 2024/25 Reversion and Revenue
Sharing Formula Reconciliation
City Council’s Briefings
November 18, 2025
Office of Budget Development
Timeline of Revenue Awareness: From forecast
to over performance
2
Governor’s 2024/2026
amended budget was
released
December 2024
General Assembly approved
amended budget
March 2025
Federal revenue reported
over budget on Interims,
due to impact aid
payments
April 2025
Federal and Other revenue
over budget on Interims,
due to impact aid payments
and propane bus rebates
May 2025
State Calc tool finalized.
Final state/state sales tax
payments received
June/July 2025
August 2025
September 2025
City / Schools Finance
teams close FY 2024/25
City Finance notified
Business of the Revenue
Sharing Formula true-up
Breakdown of FY 2024/25 Reversion Funds 3
Description Amount
School Operating fund reversion*$21,077,524
Unexpended debt service $5,628,593
Federal revenue over budget $2,757,339
State revenue over budget $4,716,886
Sales tax over budget $2,764,652
Other revenues over budget $414,945
Athletics fund reversion $390,779
Green Run Collegiate fund reversion $343,862
Total FY 2024/25 Reversion Funds $38,094,580
* Excludes debt service and revenues over/under budget
2.18% of
the School
Operating
budget
April 2025
June/July 2025
May 2025
August 2025
August 2025
Revenue Sharing Formula Reconciliation
▪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 2024/25 city revenues outperformed the budget
▪The Revenue Sharing Formula true-up is $7,464,613
4
Net Available for Reappropriation 5
Description Amount
Total FY 2024/25 Reversion Funds $38,094,580
FY 2024/25 City Revenue Sharing Formula True-up $7,464,613
Net Available for Reappropriation $45,559,193
Proposed Spending Plan 6
Description Amount Balance
Amount available for reappropriation $45,559,193
Capital Improvement Program $38,559,193 $7,000,000
PAYGO funding for project 1-015 Princess Anne High School Replacement ($23,628,593)
PAYGO funding for project 1-030 Payroll System Replacement ($4,430,600)
School Reserve fund for use in the FY2026/27 CIP ($10,500,000)
Jericho Road Demolition (project 1-020 Renovations
and Replacements – Various – Phase III)
$1,200,000 $5,800,000
Health Insurance Fund $5,800,000 $0
Questions/Comments/Discussion