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Preliminary unaudited FY 2024–25 report: Hampton City Schools reports surplus for reappropriation request
Summary
The school division reported preliminary, unaudited fiscal-year 2024–25 results showing $5.12 million in excess revenue and unexpended appropriations to support a reappropriation request to city council.
Dr. Michael Thornton, acting in the role of chief financial officer during a staff leave, presented a preliminary unaudited financial report for the fiscal year ending June 30, 2025, at the Sept. 3 Hampton City School Board meeting.
Thornton said the division’s total operating revenues for FY 2024–25 were $329,662,820, approximately $362,600 above the budgeted operating revenues of $329,300,220. Total operating expenditures and encumbrances were $324,544,156, leaving about $4.76 million in unexpended appropriations. When combined with the excess revenue figure, Thornton said the total amount available for reappropriation is roughly $5.12 million. The presentation packet included a draft reappropriation narrative and a draft resolution the board may use when requesting reappropriation from the city.
Thornton emphasized that the figures are unaudited and could see minor adjustments but that the finance team expects no material changes. He said the finance staff had coordinated with city financial officials and that materials are prepared to support an October request to city council for reappropriation.
Board members had no substantive questions during the presentation. The superintendent thanked Dr. Thornton for serving in the interim CFO role while the regular CFO is on temporary leave.
No action was taken on the FY 2024–25 preliminary report during the meeting; the board received the information and will consider formal requests to the city council in upcoming sessions.
