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Meeting Date:
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Category:
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Type:
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Subject:
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9.4 Approval - 2023-2024 Budget Update - Renee Hoover |
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Strategic Plans:
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Enclosure:
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File Attachment:
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Background and Summary:
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Renee Hoover, Director of Finance, will present the 2023-2024 Budget Update item for Board approval.
The School Board, on February 23, 2023, adopted the fiscal year (FY) 2024 budget in the amount of $107,128,647. Subsequently the Virginia Department of Education (VDOE) issued a Calc Tool on April 7, 2023 based on HB 1400 Substitute Budget approved by the General Assembly on February 25, 2023 including a correction of the formula to Basic Aid for the grocery tax hold harmless, the 5% salary action for teachers and staff, and updated estimate projections on State sales tax revenue dedicated to K12.
Because of the VDOE’s error in calculating the Basic Aid due to not recognizing the grocery tax hold harmless payment for FY 2024 and other amendments based on the HB 1400 Substitute Budget, there is a State revenue shortfall of $334,659. The health insurance expense had a significantly less renewal rate than adopted in the FY 2024 budget that the loss in State revenue can be off-setted with this savings. |
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Funding:
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Strategic Plan: |
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Amending FY 2024 budget strategically continues to meet the organizational supports. |
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Action Required: |
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Approve amending the 2023-2024 Budget to $106,793,988 because of State revenue shortfall of $334,659 due to correction of the Basic Aid for grocery tax held harmless and off-setting the decrease in health insurance expense. |
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Recommendation
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Staff recommends amending FY 2024 budget by decreasing State revenue of $334,659 due to the State’s correction of the Basic Aid for grocery tax held harmless and off-setting the decrease in health insurance expense. |
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Approvals:
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Recommended By: |
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Signed By: |
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Dr. Royal Gurley - Superintendent |
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Vote Results:
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| Original Motion | | Member Jennifer McKeever Moved, Member Emily Dooley seconded to approve the Original motion 'Staff recommends amending FY 2024 budget by decreasing State revenue of $334,659 due to the State’s correction of the Basic Aid for grocery tax held harmless and off-setting the decrease in health insurance expense.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Jennifer McKeever | Yes | | Sherry Kraft | Yes | | Lisa Torres | Yes | | James Bryant | Yes | | Dom Morse | Yes | | Emily Dooley | Yes | |
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