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Virginia Beach School Board approves FY24–25 reversion plan, directs $5.8M to health insurance fund
Summary
The board voted 7–3 to reallocate FY24–25 reversion and other available funds, including $5.8 million to the division's health insurance fund, while assigning larger shares to capital and reserve accounts. The resolution moved several pay-as-you-go capital transfers and set aside a $10.5 million reserve balance.
The Virginia Beach School Board voted to reallocate FY 2024–25 reversion and other available funds, approving a plan that directs $5.8 million to the school division's health insurance fund and reappropriates additional amounts for capital projects and reserves.
The 7–3 vote came after staff presented an unaudited reversion summary showing $38,094,580 available for reappropriation and city discussions that increased net funds to $45,559,193. The administration—arefully mapped recommended uses: pay-as-you-go transfers for capital improvement projects (including $23,628,593 toward Princess Anne High School replacement), $10.5 million to school reserves, $1.2 million for demolition and…
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