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Chesapeake Public Schools reports $651.2 million in operating revenue; anticipates $7.8 million reversion to city
Summary
The district presented unaudited FY24-25 financials showing $651.2 million in operating revenue, a roughly $7.7 million favorable variance to the adjusted budget, and an anticipated $7.8 million reversion to the city pending audit.
Chesapeake Public Schools officials presented an unaudited financial report for fiscal year 2024-25 showing total realized operating revenue of $651,200,000, about $7,700,000 above the adjusted budget, and total expenditures of $643,500,000.
The presentation attributed the revenue variance chiefly to a $4,000,000 overage in federal revenue from higher-than-expected impact aid and Medicaid reimbursements; state and local revenues together accounted for roughly $3,600,000 of the favorable variance. District staff said expenditure savings from unfilled positions partially offset higher nonpersonnel costs.
Officials said that favorable variances are required to revert to the city government; after the external audit is complete, the district anticipates a reversion of $7,800,000 and will request the city reappropriate those funds back to the school system as part of planning for FY25-26. The district noted that the board previously approved an authorization for budget transfers up to $10,000,000 on May 19 and that the actual transfers were within that authorization at $7,670,000.
Why it matters: The unaudited report frames the district's planning for the coming fiscal year and determines whether and how much will be returned to the city for reappropriation.
The presenter offered to answer board questions and said the unaudited report contains a full accounting of recommended transfers; no further board action was taken at this meeting.
