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2512 George Mason Drive • P.O. Box 6038 Virginia Beach, Virginia 23456-0038   757.263.1000 • 757.263.1240 TDD

Policies and Regulations

School Board of the City of Virginia Beach
Policy 3-11

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Budget: Surplus Funds

A.  Generally

All general funds not encumbered or spent by the end of the fiscal year (June 30) shall be considered to be surplus funds for the fiscal year. Upon their re-appropriation by city council to the board for the next fiscal year, such surplus funds may be used for the following purposes:

1.  To provide bonuses to employees pursuant to an approved "gainsharing" program designed to reward employees for their contribution to any cost-saving measures that result in a year-end surplus;

2.  To make any expenditure toward the purchase of a capital item;

3.  To make any expenditure toward an approved and funded capital project;

4.  To fund items of a non-recurring nature that were included in a board-approved school operating budget, but for which the city council-approved budget did not include sufficient funding; and/or

5.  To provide supplemental funding for the Special Reserve Fund established pursuant to School Board Policy 3-28.

B.  Individual School Accounts

Surplus funds in individual school accounts may be invested in short-term savings certificates. All certificates must be filed in the school board office until expiration date. All monies received from these certificates shall revert to the individual school accounts.

Legal Reference:

Code of Va., § 22.1-100. Unexpended school and educational funds.

 

Adopted by School Board:  February 16, 1993
Amended by School Board:  May 6, 1997