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Chief Financial Officer, and Schools' Chief Financial Officer shall work together to address the projected shortfall. True -up Provision: If, at the end of the fiscal year, the actual non - dedicated local tax revenues differ from the budgeted non - dedicated local tax revenues, any excess revenue will be allocated in the same manner as similar revenues were apportioned in the recently ended fiscal year. The School Board may request that such funds be appropriated for one -time expenditures. The procedure to request appropriation is discussed below in the reversion funds section. Similarly, if revenues underperform, the shortage will be taken as a part of the end -of -year true -up process. End of Year Funds: All other non -local sources of funding shall be expended by Portsmouth Public Schools prior to the use of the local contribution. All unexpended balances held by Portsmouth Public Schools at the close of business of each fiscal year are to be returned to the fund balance of the City's General Fund as required by Code of Virginia Section 22.1 -100. The School Board may request that such funds be appropriated for one -time expenditures. The procedure to request appropriation is discussed below in the reversion funds section. Reversion Funds: The School Board may request, by resolution, the re- appropriation of any or all reversion funds including the balance of end of the year funds that were returned to the City's General Fund balance and any revenue from the true -up of the formula as described above. The School Board resolution may request the use of reversion funds for one -time purchases. Upon receipt of the resolution, the City's Finance department shall prepare an ordinance for the City Council's consideration of the School Board's request at the earliest available City Council meeting. If the School Board does not make a request to appropriate the reversion funding, it will remain in a reserve account to be drawn in any subsequent fiscal year to support School Capital Improvement Plan needs. Following City Council's action, the City's Finance department shalt notify Portsmouth Public Schools of the City Council's decision and shall amend the budget accordingly. POLICY REVISION PROCESS: The City Manager, Schools Superintendent, the City's Chief Financial Officer and the Schools Chief Financial Officer shall meet annually to discuss changes in state and federal revenues that support school operations, any use of one -time revenues, and any adjustments made to existing revenues supporting the funding formula. If they determine that an adjustment is needed, the City Manager and Superintendent will brief the City Council and School Board respectively. PROCEDURE TO REQUEST AN INCREASE TO THE LOCAL CONTRIBUTION: If the Portsmouth School Board, in consultation with the School Superintendent determine additional funding, beyond what is provided by the formula, is required to maintain the current level of operations or to provide for additional initiatives, it will notify the City Council by resolution no later than April 1 to allow for inclusion in the City's operating budget deliberations. The School Board's resolution shall contain the following: