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NJ -11140-61 <br />ADINANCE .� <br />AN ORDINANCE REVISING THE MONTHLY PAYMENT SCHEDULE FOR <br />DELIVERY OF THE CITY'S LOCAL SHARE ALLOCATION FOR THE FIRST <br />QUARTER OF THE FY 2021 PORTSMOUTH PUBLIC SCHOOLS OPERATING <br />BUDGET. <br />WHEREAS, on May 12, 2020 the Council for the City of Portsmouth, Virginia <br />adopted Ordinance 2020 -38, which approved the FY 2021 General Fund and Risk <br />Management Fund Operating Budgets for the Portsmouth Public Schools (the "School <br />Budget Ordinance "); and <br />WHEREAS, the School Budget Ordinance included the City's FY 2021 local <br />share allocation of S56,725,696 (the "Local Share "); and <br />WHEREAS, throu-h the School Budget Ordinance City Council appropriated the <br />First Quarter of the Local Share (a total of S 14,181,424). and <br />WHEREAS, the School Budget Ordinance provided that the Local Share would <br />be delivered to the Portsmouth Public Schools in twelve equal monthly payments; and <br />WHEREAS, due to cash flow requirements, Portsmouth Public Schools has <br />requested that the July 2020 and August 2020 monthly payments be increased to <br />$6,416,776 each and that the September 2020 monthly payment be reduced to <br />$1,347,872; <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 $56,725,696 <br />in the School Budget Ordinance is hereby amended to provide that $6,416,776 shall be <br />delivered to the Portsmouth Public Schools for each of July 2020 and August 2020 and <br />that $1,347,872 shall be delivered to the Portsmouth Public Schools for September 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 an electronic <br />meeting held on July 16, 2020. <br />Teste: <br />City Clerk <br />