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"Revenue Sharing Formula" refers to the method of sharing local tax revenues between the City and Schools. "Shared Services Allocation" refers to the net amount of funding support expended without compensation by the City on behalf of the Schools in the fiscal year. "Local Contribution" refers to local funds appropriated for Schools by City Council each year for the upcoming fiscal year beginning July 1. "Actual Non - Dedicated Local Tax Revenues" refers to the actual collected local revenues for the sources identified in Table 1 as reflected in the Comprehensive Annual Financial Report (CAFR) at the end of each fiscal year. "Reversion Funds" refer to the funding held by Portsmouth Public Schools at the close of business of each fiscal year (per Code of Virginia Section 22.1 -100) and to the end -of -year true -up to the revenue sharing formula based on actual local tax revenues. FORMULA CALCULATION PROCEDURE: Initial Estimate: In November, the City's department of Finance will provide to Portsmouth Public Schools an estimate of the local contribution for the upcoming fiscal year. Final Estimate: By March 1 ", the City's department of Finance will provide a final estimate of the local contribution to be included in the City's Proposed Operating Budget. Revenue Sharing Formula Calculation: The City's Finance department will allocate to Portsmouth Public Schools a constant 30.23 percent share of non - dedicated local tax revenues shown in the table below starting in FY 2021. This formula calculation shall comprise the local contribution for Portsmouth Public Schools pursuant to this policy. Estimates of revenues and the detailed formula calculation shall be clearly presented in the City's operating budget.