Title
To appropriate and to provide funds for financing the school budget for the fiscal year commencing Jul. 1, 2021, and ending Jun. 30, 2022.
Body
THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That a sum not exceeding $214,487,589 is hereby appropriated representing (i) $27,345,493 in State Shared Sales Tax funds and (ii) $187,142,096 in funds appropriated from the City's general fund, resulting in a total City contribution to the School Board of $187,142,096 and, together with the estimated receipts of the School Board from tuition charges and from other anticipated sources of revenue of $14,304,890, along with revenue from Richmond Public Schools' Anthem healthcare reserve fund of $0, and with the estimated state and federal receipts of the School Board through the Commonwealth of Virginia of $223,523,765 (excluding transfers to special funds and including $137,078,994 in state funds and $86,444,771 in federal funds), may be expended for the operation of the public free schools in the City, including the payment of salaries, wages, debt service, other expenses, acquisition of equipment and supplies and maintenance of the school plant and other capital expenses; provided, however, such expenditures shall not exceed in any event $452,316,244; and provided further that, in the event that the actual receipts from or through the Commonwealth of Virginia for the fiscal year commencing July 1, 2021, and ending June 30, 2022, exceed the estimated receipts from such sources, the expenditure of such excess for such purpose must be further authorized and approved by the City Council.
? 2. That the appropriations for which this ordinance provides over and above the amounts required by state law to be paid are conditioned upon the following:
(i) Richmond Public Schools shall submit to the City's Director of Finance quarterly reports of year-to-date spending and estimated annualized spending of local funding and funding from all general sources. Such reports s...
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