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R-01-49 A RESOLUTION ESTABLISHING COUNCIL GUIDELINES FOR THE REAPPROPRIATION OF SCHOOL OPERATING FUNDS REVERTING TO THE CITY AT THE END OF EACH FISCAL YEAR. WHEREAS, any unspent operating fund balances of the School Division revert to the City at the conclusion of each fiscal year; and WHEREAS, while the City Council has full discretion with respect to the disposition of such funds, it has been Council's recent practice to re-appropriate all or a portion of such funds for School purposes; and WHEREAS, for budgetary planning purposes, the City Council deems it in the best interest of the City and the School Board to establish a clear policy with respect to any future reversion of funds from the School Board, NOW, THFREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That any unspent operating fund balances of the School Division will, upon receipt or a written report of the School Board designating specific School capital projects, be re-appropriated in accordance with paragraph 2 for the specific projects requested or such other projects as Council may deem appropriate; and 2. That, in order to increase the City's undesignated General Fund Balance which supports all City and School functions, Council will retain 25% of any such unspent operating fund balance, thus returning a net of 75% of such funds to the School Division; and 3. That such funds as are appropriated to the School Board under the provisions of this Resolution shall be in addition to any other funds appropriated for School Board capital projects as part of the annual Capital Improvements Program appropriation process; and 4. That this policy shall apply beginning with fund balances for fiscal year 2001 and shall continue in effect until modified by Council. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on June 12, 2001. Teste: City Clerk