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Hampton board approves May financials, athletics budget adjustment and transfer of trust funds to Old Point National Bank
Summary
The school board received May operating figures, approved a revised athletics fund budget reflecting higher-than-expected gate receipts, and authorized moving two legacy trust accounts from Wells Fargo to Old Point National Bank with Old Point serving as investment manager.
The Hampton City School Board on July 16 accepted the division’s May 2025 operating report, approved a revised athletics fund budget after preliminary revenues exceeded budgeted expectations, and authorized transfer of two trust accounts from Wells Fargo to Old Point National Bank.
Brittany Branch, chief financial officer, reported revenues for May of $27,000,000 and expenditures and encumbrances for the month of May of $28,000,000, saying the district “utilized over 90% of our budget” and that staff will finalize fiscal-year closeout reporting in August ahead of the audit. Branch said the athletics fund brought in $134,000 more than originally budgeted, primarily from gate receipts, and staff asked the board to move the athletics revised budget from deliberation to action for approval.
Branch also briefed the board that Wells Fargo notified the district it will no longer serve two legacy trust funds (named in the original accounts as Booker School Trust and Sims Eaton Trust Fund). The staff recommended transferring those funds to Old Point National Bank and asked the board to authorize Old Point to serve as investment manager and to approve the transfer.
The board voted to move the deliberation items to action and then approved the revised athletics fund budget and the resolution authorizing the trust transfers. The motion to approve the athletics budget and trust transfer was moved by Dr. Woodhouse and seconded by Mr. Samuels; the clerk called the roll and the chair announced, “Motion carries.”
Discussion vs. decision: Branch’s figures and explanations were informational and then the board took formal action to approve the revised athletics budget and to authorize the trust account transfer and investment-manager arrangement. The transcript did not include specific details of the proposed investment options that Old Point would implement; staff said they would work with Old Point on investment selections.
Why it matters: The athletics surplus shows stronger-than-expected local revenue from ticketed events; the trust transfer memorializes a custodian change and delegates investment management to Old Point National Bank.
What’s next: Finance staff will finalize year-end closeout in August and present preliminary final numbers in September; Old Point National Bank will proceed with account onboarding and investment selection under the board-authorized arrangement.
