A composite roofing overlay containing paint waste is provided for use on a roof surface. The composite roofing overlay includes a bedding cement containing water-based paint waste and sand, a porous fabric embedded in the bedding cement, and at least one primer coat over the porous fabric and bedding cement. The composite roofing overlay may be used in combination with an overlying waterproof roofing membrane to provide an effective waterproof seal to new or existing roof structures.