COMMONWEALTH OF VIRGINIA

DEPARTMENT OF EDUCATION

P.O. BOX 2120

RICHMOND, VIRGINIA 23218-2120

SUPTS. MEMO NO. 80

May 2, 2003

INFORMATIONAL

TO:

Division Superintendents

 

FROM:

Jo Lynne DeMary

Superintendent of Public Instruction

 

SUBJECT:

State Direct Aid to Public Education Funds Permitted to be Carried Forward from Fiscal Year 2003 to Fiscal Year 2004

 

Section 22.1-100, Code of Virginia, requires state funds that are unexpended at the close of any fiscal year to be reverted by school divisions to the commonwealth; however, the appropriation act for 2002-2004 permits unexpended state funds as of June 30, 2003, to be carried forward by school divisions to fiscal year 2004 for the following Direct Aid accounts only:

 

1.     SOL Remediation (revenue source code 240274)

2.     SOL Algebra Readiness (revenue source code 240405)

3.     School Construction Grants Program (revenue source code 240306)

4.     Lottery (revenue source code 240233)

5.     Additional Lottery (revenue source code 240237)

 

To carry forward state funds to fiscal year 2004 from the five accounts listed above, the school division must have actually received the state funds. State funds received by school divisions in fiscal year 2003 for the School Construction Grants Program and Lottery may also be paid into escrow accounts pursuant to 22.1-175.5 and 22.1-100.1, respectively, and carried forward indefinitely.

 

Except for the five accounts listed above, all other state Direct Aid funds received by school divisions in fiscal year 2003 should be expended by June 30, 2003; otherwise, any unexpended fiscal year 2003 state funds are subject to the reversion requirement of Section 22.1-100.

If you have any questions regarding this information, please contact Dan Timberlake, assistant superintendent for finance, or budget office staff at (804) 225-2025.

 

JLD/kcd