CFO projects modest revenue increases for FY24–25; board moves revised Fund 50 and Fund 95 budgets to action

Hampton City Schools’ chief financial officer, Brittany Branch, told the school board on June 4 that the division expects modest increases in revenue for fiscal year 2024–25 and asked the board to move revised budgets for action.

Branch said state funding adjustments approved by the General Assembly and governor account for most of the change in the school operating fund (Fund 50). “We are projecting to receive about $588,000 more overall than the original budget,” she said, bringing the Fund 50 projection from $302,900,000 to roughly $303,500,000. She also said projected revenues for the division’s instructional resource toolkit (Fund 95) will grow from an original $508,000 to about $778,000 as sales and new client divisions increase; Munis records showed nine new school divisions had purchased the toolkit this year.

Nut graf: Branch asked the board to move the revised Fund 50 and Fund 95 budgets from deliberation to action that evening; the superintendent said, if the board approved, the Fund 50 revision would then be forwarded to City Council for its approval. The board later approved taking the item to action and included the revised budget in a block consent vote that night.

Branch said the division will continue to monitor revenues and, if necessary, rely first on expenditure savings or contingency funds before adjusting plans.

Ending: The board moved the revised budgets to the action portion of the agenda; a subsequent block vote that included the revised budgets carried and the superintendent will submit Fund 50 revisions to city council as required.