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ORDINANCE NO.2026-81 AN ORDINANCE (1) TRANSFERRING FUNDS IN THE AMOUNT OF $2,522,484 FROM THE FY 2027 RISK MANAGEMENT — SCHOOLS REVENUES FUND BUDGET TO THE FY 2027 GENERAL FUND BUDGET FOR INCLUSION IN THE LOCAL SHARE AUTHORIZED BY THIS ORDINANCE AND (2) APPROVING THE FISCAL YEAR 2027 OPERATING BUDGET FOR THE PORTSMOUTH PUBLIC SCHOOL SYSTEM IN THE AMOUNT OF $304,612,975 AND APPROPRIATING THE NECESSARY FUNDS TO IMPLEMENT SAID BUDGET FOR THE FISCAL YEAR 2027. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That it transfers funds in the amount of $2,522,484 from the FY 2027 Risk Management Fund — Schools Revenues Fund Budget to the FY 2027 City General Fund Budget. 2. That the funds so transferred shall be included as part of the City Funds ("Local Share") shown in the Portsmouth Public Schools Revenues Table in Section 4 hereof. 3. That, if necessary or desirable in the opinion of Portsmouth Public Schools, PPS shall be authorized to transfer the funds identified in Section 1 hereof to the PPS Risk Management Fund and to transfer an equal amount of funds from another PPS Fund to the PPS General Fund. 4. That estimated revenues and expenditures in the FY 2027 City General Fund Budget are increased by $2,522,484 and estimated revenues and expenditures in the FY 2027 Risk Management Fund — Schools Revenues Budget are decreased by $2,522,484. 5. That the Fiscal Year 2027 Operating Budget in the amount of $304,612,975 for the Portsmouth Public Schools is hereby approved in the following revenues and expenditures: Portsmouth Public Schools Revenues City Funds ('Local Share") $92,434,122 Federal Funds $375,000 Other Funds $2,505,500 State Sales Tax for Education $20,286,507 State Revenue $127,995,609 General Fund $243,596,738 Grant Fund $ 22,022,925 Food Services Fund $ 13,354,000 Risk Management Fund $ 23,800,000 Textbook Fund $ 1,839,312 Revenue Total $304,612,975