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Board hears budget update; General Assembly proposal narrows shortfall and a $514,632 state bonus is pending
Summary
Board staff said a General Assembly revenue proposal would add about $1.3 million to the division's budget, reducing the advertised shortfall to roughly $192,000. Staff also said the General Assembly proposed a $514,632 state payment tied to a retention bonus, but the allocation was not yet finalized.
The Accomack County School Board received an update on budget projections and state funding that could reduce the division’s advertised shortfall.
Finance and instruction staff told the board a General Assembly proposal would add approximately $1.3 million in revenue to the division’s next‑year budget. Using that figure, staff said the current advertised budget shortfall would shrink from about $1.5 million to roughly $192,000. Staff cautioned the figure depends on final action by the governor and the General Assembly.
Staff also said the General Assembly has proposed a supplemental payment intended to support retention bonuses for the current fiscal year. The presenter said the state calculated the allocation using the division’s FY25 Standards of Quality (SOQ) funded positions (reported as 478.06) and FICA; the resulting allocation referenced in the meeting was $514,632. Staff said if the division accepts such a payment the bonus and associated employer taxes would need to be paid prior to June 1, 2025, and that the district would need time in April to operationalize payroll changes.
Board staff described the treatment of carryover funds for federal programs: Title I and Title IV carryover rules limit the amount that can be carried forward (the presenter referenced a 15% limit). Staff said monthly meetings between instruction and finance are active to monitor title funding and timing of purchases.
Board members asked for follow-up once the governor signs or vetoes the budget and requested additional detail on how any state payments would be distributed to employees.
