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Council adopts carryover policy for school funds and hears financial snapshot; FY25 appropriations advanced on first reading
Summary
Council approved a policy allocating school audit carryover amounts (up to $250,000 to schools; $250,001–$500,000 to general fund; amounts above $500,000 split 50/50), received a budget snapshot showing revenues ahead of seasonal pacing, and approved FY25 school appropriations on first reading tied to state grants.
Martinsville City Council on Nov. 18 approved a framework for allocating audited school carryover funds and received routine financial updates.
Staff proposed that, after the annual audit, carryover amounts up to $250,000 would be allocated to the Martinsville School Board for capital or other…
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