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Schools present $45.6 million in one‑time funds; board proposes $38.5 million for capital projects
Summary
Virginia Beach City Public Schools reported an unaudited FY24–25 reversion of $38.09 million and a revenue‑sharing surplus of roughly $7.46 million, totaling about $45.56 million for reappropriation; the school board approved a plan that directs most funds to the capital improvement program and sets aside a $5.8 million health‑fund reserve.
Bridal Pate, introduced to council as the schools’ chief financial officer, told the City Council that Virginia Beach City Public Schools’ unaudited FY24–25 year‑end figures show a total reversion of $38,094,580 and that the school division’s share of the city’s revenue‑sharing surplus is roughly $7,464,613 — producing about $45,559,193 available for reappropriation. "This request is about strengthening our foundation," Pate said, explaining the mix of late‑arriving federal impact aid, Medicaid reimbursements and state sales‑tax true‑ups that pushed revenues above budget.
Pate outlined components of the variance: approximately $5.6 million in unexpended debt service tied to a delayed bond sale; about $2.8 million in federal revenue above projections driven by impact aid and Medicaid reimbursements; roughly $2.8 million in state sales‑tax above…
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