COMMONWEALTH OF VIRGINIA
DEPARTMENT OF EDUCATION
P.O. BOX 2120
SUPTS. MEMO NO. 089
April 20, 2007
INFORMATIONAL
|
TO: |
Division
Superintendents |
|
FROM: |
Billy
K. Cannaday, Jr. Superintendent
of Public Instruction |
|
SUBJECT: |
State Direct Aid to Public Education Funds
Permitted to be Carried Forward from Fiscal Year 2007 to Fiscal Year 2008 |
Section 22.1-100, Code of Virginia, requires school
divisions to return unexpended state funds at the close of each fiscal year to
the commonwealth; however, the current appropriation act for the 2006-2008
biennium (Chapter 847, 2007 Acts of Assembly) permits school divisions to carry
forward to fiscal year 2008 certain state funds that are unexpended as of June
30, 2007. School divisions may carry
forward to fiscal year 2008 the unexpended June 30, 2007, balances of state
funds in the following Direct Aid to Public Education accounts only:
1.
School Construction Grants Program (revenue
source code 240306)
2.
Lottery (revenue source code 240233)
3.
Additional Lottery (revenue source code 240237)
4.
Competitive Leadership Grant (revenue source
code 240294)
5.
Textbooks (revenue source code 240214).
State
funds received by school divisions in fiscal year 2007 for the School
Construction Grants Program and Lottery/Additional Lottery may also be paid
into escrow accounts pursuant to Sections 22.1-175.5 and 22.1-100.1, Code of
Virginia, respectively, and carried forward indefinitely.
School
divisions that received a Competitive Leadership Grant in fiscal year 2006 are
allowed to retain any unspent balances and are permitted to spend any remaining
balances for the intended purposes during the ensuing two fiscal years (during
fiscal years 2007 and 2008). School
divisions that received a Competitive Leadership Grant in fiscal year 2007 are
allowed to retain any unspent balances and are permitted to spend any remaining
balances for the intended purposes during the ensuing two fiscal years (during
fiscal years 2008 and 2009).
Please
note that the carry forward provision for SOL Algebra Readiness program funds
has been eliminated for fiscal years 2007 and 2008 based on language changes
adopted in the Chapter 847 budget.
Consequently, any state funds received by school divisions for the SOL
Algebra Readiness program in fiscal year 2007 or fiscal year 2008 must be spent
by June 30, 2007, or June 30, 2008, respectively, or these unspent state funds
must be returned to the department.
Except
for the five accounts listed above, all other state Direct Aid to Public
Education funds received by school divisions in fiscal year 2007 must be
expended by June 30, 2007; otherwise, any state funds received in fiscal year
2007 that have unexpended balances as of June 30, 2007, are subject to the
reversion requirement of Section 22.1-100, Code of
If
you have any questions regarding this information, please contact Kent Dickey,
assistant superintendent for finance, or budget office staff at (804) 225-2025.
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