Laserfiche WebLink
(School Revenue Sharing Formula: FY 20 <br />FY 20 Revenue Sharing Formula Calculation: <br />School Budgeted Transfer <br />FY 20 <br />Property & Local Taxes <br />Budget <br />174,871,919 <br />Minus Dedications: <br />56,401,230 <br />e911 <br />(440,958) <br />Hotel Occupancy Tax <br />(360,000) <br />Economic Development Incentives <br />0 <br />Tax Settlements, Refunds, Rebates <br />0 <br />Tax Relief Programs <br />(2,351,870) <br />Bridge Loan <br />1,700,000 <br />PPTRA - Current <br />7,954,585 <br />PPTRA - Delinquent <br />1,908,377 <br />Non - Categorial State Aid <br />594,490 <br />Interest Income (realized only) <br />579,221 <br />Pilot Payments <br />2,162,251 <br />Total Local Taxes <br />186,618,015 <br />FY 20 Revenue Sharing Formula Calculation: <br />School Budgeted Transfer <br />55,396,045 <br />+ Shared Services (1) <br />1.005.185 <br />Total City Funding to Schools (2) <br />56,401,230 <br />Transfer + Shared Services as a % of <br />Formula Revenues <br />($56,401,230/$186,618,015) <br />30.222822% <br />Formula % Rounded* <br />30.23% <br />* 30.222822% rounded up to 30.23% <br />( I ) Includes Landscaping Scn ice. School <br />Resource Officers, <br />Vehicle Maintenance Services <br />(' ) Excludes debt scra ice School payments <br />of S5.7M paid by the City <br />Mid -year Revenue Shortfall: If the City anticipates, at any time during the fiscal year, that <br />actual non - dedicated local tax revenues will fall significantly below the budgeted amount, the City <br />Manager or his/her designee will provide to Portsmouth Public Schools an updated estimate of the local <br />contribution. The School Superintendent, upon notification by the City Manager or his /her designee, <br />will be expected to notify the School Board and take necessary actions to reduce expenditures in an <br />amount equal to the reduction in the local contribution to Portsmouth Public Schools. <br />State Revenue Shortfall: If, at any time during the fiscal year, a significant shortfall in revenue <br />from the Commonwealth is anticipated, the City Manager or designee, School Superintendent, the City's <br />