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Board hears proposal to place Jewel Labs and Altria settlement funds in categorical grant to support recovery school
Summary
CFO Crystal Pate told the board the division received $604,429.79 in settlements from Altria and Jewel Labs and recommended placing the funds into a categorical grant to preserve them for future use, including support for the recovery school; board members asked for more budget detail before a decision.
Crystal Pate, the division chief financial officer, told the board on April 8 that Virginia Beach City Public Schools received settlement payments totaling $604,429.79 during the fiscal year: $430,812.05 from an Altria settlement and $173,617.74 from Jewel Labs Inc. settlements. The funds are currently in the general fund and Pate said they must be used by the end of the fiscal year or they will be included in the…
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