Finance

The Executive Director of Finance oversees all of the financial activities for the school division in compliance with laws, policies, regulations and best business practices.

Responsibilities of this position and finance team include:

Accounting
Budget Development and Monitoring
Capital Improvements Plan
Financial Reporting
Grants Management
Payables/Receivables
Payroll
Purchasing

Accounting

The Finance Department is responsible for maintaining and reporting the finance accounting records for Poquoson City Public Schools (PCPS) in accordance with Generally Accepted Accounting Principles (GAAP). Responsibilities include the following:

The financial statements of the Poquoson City Public Schools are audited as part of the City of Poquoson’s annual audit. The School Board’s financial statements are included in the City’s Comprehensive Annual Financial Report (CAFR).

Provide School Board with financial planning documents and accurate financial records
Oversee and coordinate guidance to schools and administrative staff with regard to accounting practices
Report required financial information to VDOE, including the Annual School Financial Report
Oversee and coordinate the school division year-end audit and reporting
Perform Accounts Payable functions
Maintain vendor files and issue accounts payable checks
Year-end reporting for vendor 1099 forms
Process purchase orders
Cash and account reconciliations

Accounts Payable

The Finance Department is responsible for processing all disbursements for PCPS, as well as year-end reporting for vendor 1099 forms. The Finance Coordinator maintains all vendor files, which includes adding new vendors and updating vendor file information. All vendors must complete a W-9 form. Accounts Payable checks are generally issued twice monthly.

Vendors may provide invoices to PCPS via email at invoices@poquoson.k12.va.us.

Vendors may access the W-9 form below by clicking the link:

Budget

The Finance Department is responsible for the annual budget development process and performs ongoing budget monitoring throughout the year. Information is provided to the School Board and administration to facilitate decision-making. The Finance Department also performs state reporting related to required local effort and supports other state and federally mandated financial reporting.

2023-2024 (FY24) Approved Operating Budget

2022-2023 (FY23) Approved Operating Budget

Approved Operating Budgets

Please note that the above published Operating Budgets are in PDF format. Some of these files are large and may take an extended time to open.

Capital Improvements

The School Board approves a Capital Improvements Plan annually and is presented to the City of Poquoson for funding approval.

The Capital Improvements Plan is a five year plan designed to prepare for large capital outlays which are not included in the operating budget.

The current Capital Improvements Plan may be accessed by clicking on the link below:

Capital Improvement Program FY24 through Beyond FY28

Financial Reports

Annual Report of Expenditures

Audit Report

Audit Report of School Activity Funds

Financial Reports are provided to the School Board monthly at each meeting. You can locate these reports in the Board Packets under each School Board Meeting.

Payroll

The Finance Department is responsible for the payroll process that issues payment to all full-time, part-time, substitutes and temporary/hourly employees of Poquoson City Public Schools, as well as annual W-2 statements. In addition, change requests are processed for W-4, VA-4 and direct deposit authorizations.

Federal and State payroll tax payments are processed and transmitted, as well as payments to payroll vendors. The Finance Department also works with Federal, State and local government agencies with regard to wage withholding orders and is responsible for requests of specific payroll records from other outside sources.

Payroll forms may be accessed below by clicking the link:

Information related to benefits can be found on the Employment page.

Purchasing

ESSER III

Tracy Spence, CPA
Executive Director of Finance
tracy.spence@poquoson.k12.va.us
(757) 868-3055

Jean Rae Hulstine
Finance Coordinator
jeanrae.hulstine@poquoson.k12.va.us
(757) 868-3055

Karen Lindsay
Compensation Analyst
karen.lindsay@poquoson.k12.va.us
(757) 868-3055

April Firth
Administrative Specialist
april.firth@poquoson.k12.va.us
(757) 868-3055