Chesterfield Schools ends up with multi-million dollar surplus

Chesterfield Schools ends up with multi-million dollar surplus

CHESTERFIELD, VA (WWBT) - While students swing into summer, school officials are calculating the financial budget for this school year.

Money will be set aside for the Supplemental Retirement Program, replacing school buses, and future budgets.

It starts with $16 million on the revenue side for Chesterfield County Public Schools. The majority of that money comes from bond refinancing.

That refinancing cost $800,000 which is taken out of that $16 million, leaving a net surplus of $15.2 million.

That $15.2 million is then divided into the following categories: $2.9 million for debt reserve, $2 million for additional SRP Payments, $7 million towards the funding of subsequent budgets, and $1 million towards replacing school buses.

This gives the school district a remaining balance of $2.3 million, which will be used for future school needs.

Now that the numbers have passed the test of the School Board, the plan will go to the Board of Supervisors for approval during the upcoming annual audit.

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