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Manager reviews new Portsmouth Public Schools capital reserve fund: $7M annual deposit, $21M balance cap
Summary
City Manager Steven Carter reviewed the ordinance (adopted Dec. 2024) creating a school capital reserve fund under Va. Code §22.1‑100, explaining eligible uses (capital and emergency capital only), annual deposit maximum $7,000,000 and total balance cap $21,000,000; council asked about audits and reallocation rules.
City Manager Steven Carter told the council that the new Portsmouth Public Schools capital reserve fund, adopted by ordinance in December 2024 under Virginia Code §22.1‑100, is intended as a restricted savings account for major school capital projects and emergency capital needs.
"The annual deposit limit is $7,000,000. The overall cap is $21,000,000," Carter said, describing the mechanics. He emphasized the fund is limited to…
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