The Department of Budget annually produces a General Operating Budget and a Capital Improvement Plan for the Richmond Public School Division.
Additionally, Budget produces the Annual Superintendent's Report and a number of other required annual reports for submission to the Virginia Department of Education.
The Department of Budget has the primary responsibility to serve as stewards of public funds and to develop sound fiscal management practices to effectively and efficiently allocate and use resources to meet the operating and capital needs of the school division. The department supports the fiscal condition of the school division through consistent and appropriate application of daily budget controls and functions to maximize student achievement. The department provides budgetary assistance to offices and schools in budget formulation and management.
The department is also responsible for ensuring that the school division adheres to the standards of state and local governmental accounting and reporting. This results in useful financial information that informs the public as to the overall fiscal condition of the school division through audited financial statements, monthly financial reporting and reporting to various local, state and federal agencies. The department is committed to excellence in all aspects of day-to-day operations to support the division’s educational and financial goals.
The School Board’s mission, vision, and goals statements provide the foundation for the recommendations contained within the Annual Financial Plan. Staff members at all management levels participate in the development of the budget. The budget is developed from guidance on priorities and strategic directions of the School Board. The budget is an evolving document that is revised and updated during each budget phase. The School Board holds numerous work sessions and at least one public hearing throughout the budget process. Richmond Public Schools has three budget phases in the development process:
Phase I – Superintendent’s Proposed Budget is the beginning phase of budget development used to gather input from parents, business leaders, and other community stakeholders. This phase represents the superintendent’s presentation of the needs of the school division for the upcoming school year to the School Board in December or January (Code of Virginia § 22.1-92).
Phase II – School Board’s Approved Budget is the School Board’s recommended spending plan submitted to the Mayor, the City Administration, and the City Council. This phase consists of numerous work sessions and at least one public hearing to ensure input from all interested stakeholders. The budget is approved in February so it can be incorporated into the Mayor’s financial plan for submission to City Council in March.
Phase III – School Board’s Adopted Budget represents the School Board’s adopted budget based on state funding levels and the appropriation ordinance adopted by City Council. The Mayor’s recommendation is forwarded to the Richmond City Council, which must adopt the schools’ appropriation by legal ordinance on or before May 15th of each year. Subsequent to the City Council’s action, the School Board makes any required adjustments to balance the budget which is adopted in May/June.