Finance staff outlines $6.9M state bonus and projected $8.8M year‑end surplus; recommends carrying bonus into FY27

Mr. Meister presented a year‑end finance update focused on closing FY26. He said the FY26 state caboose bill allocated approximately $6.9 million for an SOQ position bonus to Chesterfield, subject to a state match requirement and with flexibility to use the funds in FY26 or FY27. Meister recommended delaying payment to FY27 to align with the final state budget and to carry the appropriation forward.

He reported projected year‑end savings on the expense side of roughly $8.8 million (largely from staff vacancies and some lower fuel costs), offset by a small revenue decline tied to ADM/ESL trends. Meister said traditional carryforward requests total about $8.9 million, primarily in instruction (digital content, early reading and algebra readiness carryforwards, local grant matches and other recurring items). He described a preliminary 'shopping list' that preserves previously approved commitments—$7 million for FY27 one‑time funding—and left a modest amount for other school needs.

Meister explained the evening’s action memo would include three technical schedules: appropriation changes, requests for use of projected surplus, and a reserve/carryforward list (including the staff bonus carryforward). He stressed these figures are preliminary until the formal year‑end close and said staff will provide updates as final numbers are reconciled.

Board members asked whether VDOE made June 1 payments on time; Meister said he would verify the deposit and follow up. No final appropriation action was completed during the work session; the board was provided the memo and Meister recommended the carryforward approach described.