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EXHIBIT A <br />CITY OF PORTSMOUTH AND PORTSMOUTH PUBLIC SCHOOLS <br />LOCAL REVENUE ALLOCATION POLICY <br />PURPOSE: <br />This policy establishes the procedure for allocating to the City of Portsmouth and Portsmouth <br />Public Schools non - dedicated local revenues that are estimated to be available in a given fiscal year. It <br />is the intent of the policy to provide a predictable, objective means of allocating local revenues while <br />providing funding to meet the strategic goals of both the City and the School Division. <br />This policy seeks to resolve longstanding concerns over the fair division of limited resources and <br />strike a balance between the funding requirements of School and City services. The policy is designed <br />to accomplish these goals by providing better planning for School funding based on a predictable share <br />of non - dedicated local tax revenue and reduce the Schools' reliance on one -time local support. The <br />policy links economic growth to school funding, to recognize the importance of schools to the economic <br />success of the city. It comes after many meetings of the City Council and School Board appointed <br />School Funding Formula Committee addressing as many concerns as possible. <br />At no time shall the City's allocation be less than that required by Virginia law for the <br />maintenance of an educational program meeting the Standards of Quality as established by the General <br />Assembly. <br />DEFINITIONS: <br />"City" refers to the City of Portsmouth exclusive of the Portsmouth Public Schools system. <br />"Schools" refers to the Portsmouth Public Schools system. <br />"Non- Dedicated Local Tax Revenue" refers to the revenue sources identified in Table 1 net of <br />refunds, rebates, relief payment offsets, and settlements. The set of revenues to be used for the <br />calculation was recommended by the School Funding Formula Committee; some sources of local <br />revenue have been excluded due to existing dedications. <br />"Dedicated Local Taxes" refer to taxes that have been previously obligated or may be obligated <br />in the future by the City Council or state law to support specific projects or programs. Examples of <br />dedicated local taxes for both current and future obligations adopted by City Council that are excluded <br />from the policy include, but are not limited to: <br />Tax Increment Financing District revenues <br />Special Services District revenues <br />Dedicated Property and Other Local Tax revenues <br />Economic Development Incentive Payments from received revenues <br />