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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 3-15


Local Funds

  1. Generally

    The School Board receives local funds for school operation from revenues appropriated to the School Board from City Council and from other sources such as rents, tuition, sale of equipment, gifts, and bequests.

  2. Expenditure of Excess Local Revenues
    1. Any "actual-over-estimated" local revenues that are appropriated to the School Board by City Council pursuant to the Council's policy for the sharing of revenues between the City and the School Board shall only be expended for the following purposes:
      1. To maintain or supplement the Special Reserve Fund set forth in School Board Policy 3-28;
      2. To fund items of a non-recurring nature that were included in a School Board-approved school operating budget, but for which the City Council-approved budget did not include sufficient funding;
      3. To make any expenditures for the purchase of a capital item; and/or
      4. To reduce future debt service costs.
    2. Any expenditure of City Council-appropriated "actual-over-estimated" local revenues shall require a resolution adopted by a majority of the members of the School Board, which resolution shall state the purpose(s) of the expenditure, and the total amount to be expended.

Editor's Note:

For sale and lease of property see School Board Policy 3-23.
For gifts and bequests see School Board Policy 3-24.
For trust funds see School Board Policy 3-25.

Code of Virginia § 22.1-88, as amended. Of what school funds to consist.

Code of Virginia § 22.1-100, as amended. Unexpended school and educational funds.

Adopted by School Board: February 16, 1993
Amended by School Board: May 6, 1997
Scrivener’s Amendments: September 11, 2014