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ORNW 2{��- 4 9 <br />AN ORDINANCE REVISING THE MONTHLY PAYMENT SCHEDULE FOR <br />DELIVERY OF THE CITY'S LOCAL SHARE ALLOCATION OF THE FY 2020 <br />PORTSMOUTH PUBLIC SCHOOLS OPERATING BUDGET. <br />WHEREAS, on May 14, 2019 the Council for the City of Portsmouth, Virginia <br />adopted Ordinance 2018 -33, which approved the FY 2020 Operating Budget for the <br />Portsmouth Public Schools (the "School Budget Ordinance "); and <br />WHEREAS, the School Budget Ordinance included the City's FY 2020 local <br />share allocation of $55,396,045; and <br />WHEREAS, the School Budget Ordinance stated that the local share would be <br />delivered to Portsmouth Public Schools in twelve equal monthly payments of <br />$4,616,337.08; and <br />WHEREAS, due to cash flow requirements, Portsmouth Public Schools has <br />requested that the July 2019 and August 2019 monthly payments be increased to <br />$6,266,337.08 each and that the remaining FY 2020 monthly payments be reduced to <br />$4,286,337.08 each; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br />1. That the payment schedule for the local share allocation of $55,396,045 in <br />the School Budget Ordinance is hereby amended to provide that $6,266,337.08 shall be <br />delivered to the Portsmouth Public Schools for July 2019 and August 2019 and that <br />$4,286,337.08 shall be delivered to the Portsmouth Public Schools for each of the <br />remaining months of Fiscal Year 2020. <br />2. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on July 9, 2019. <br />Teste: <br />City Clerk <br />