Reserve Fund 3-28

School Board of the City of Virginia Beach
Policy 3-28

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Reserve Fund

1. Generally

   In order to be in a better position to respond to: 1) unexpected shortfalls in state or federal funding; 2) emergency expenditures of a nonrecurring nature that would not have been anticipated at the time of preparation and adoption of the School Operating Budget; 3) unusual and critical need to fund the subsequent fiscal year’s operating budget shortfall; or 4) other fiscal emergencies, the School Board shall set aside a reserve for contingencies (hereinafter "Reserve Fund" or "Fund"). The purpose of this Policy is to specify what funds shall be placed in the Reserve Fund, and to set forth the School Board's requirement for any expenditures to be made from the Reserve Fund.

2. Policy
   1. Any expenditure of funds in the Reserve Fund shall require a resolution adopted by a majority vote of the School Board Members present at a meeting. Such resolution shall state the purpose(s) of the expenditure, and the total amount to be expended.
   2. Pursuant to applicable provisions of state law, the Reserve Fund must be appropriated by City Council annually as part of the school operating budget, and any funds that the School Board desires to be added to the Reserve Fund during the fiscal year must also be appropriated by City Council.

Legal Reference

Code of Virginia § 22.1-94, as amended. Appropriations by county, city or town governing body for public schools.

Code of Virginia § 22.1-115, as amended. System of accounting; statements of funds available; classification of expenditures.

Virginia Board of Education Regulation 8 VAC 20-210-10, as amended. Classification of expenditures.

Adopted by School Board: May 6, 1997
Amended by School Board: May 6, 2003
Amended by School Board: September 16, 2014
Amended by School Board: January 11, 2022