Audit Costs Grow
The Fayette County School Board narrowly approved up to $35,000 in additional payments to a firm conducting an independent audit of the district's finances on Monday.
The decision to agree to Texas-based Weaver and Tidwell's extra ask drew some criticism from speakers during the board's action meeting.
"The board should take a prudent governance approach and ask in a public meeting for Weaver to provide a written status report from the firm, a copy of deliverables completed to date, a detailed justification of the additional $35,000," one speaker said.
District officials said the audit has been more complicated than anticipated, as the district undergoes the hefty work of restating its finances for 2025 and 2026.
Acting Superintendent Bill Bradford defended the choice to continue with the audit, saying the findings will be a valuable resource as financial policies are updated.
"This particular audit being completed on our behalf is needed," he said. "This was authorized by our board of education, it was recommended by our audit committee, and it was, quite frankly, demanded by the community. So we want to make sure that we have an audit report that is verifiable and that we can utilize to help us to be better with processes, policies, and spending and budgeting moving forward."
Coe recently told lawmakers her personal expectation is that the district ends the current fiscal year a little below zero, quote, but not far. Pressed on the question again Tuesday, Coe said it's still too early to say with certainty, as the numbers are still in flux. We are still processing receipts.
We are still processing payables. All we have to compare to are our expenditures this time last year. And as you know, we've worked very hard to try to rein things in when we realized we weren't in a great financial situation.
The audit's original price tag was just over $121,000 for 500 hours of work.
The request for up to $35,000 in additional payment cleared the board on Monday on a 3-2 decision.
Starting Balance
In May, FCPS interim Chief Financial Officer Kyna Koch revealed that the beginning balance for Fayette County Public Schools starting July 1 would be zero. But Koch now says there's a chance the year could start in the red.
"I really just still don't know. But there there's a very good chance we could be in a negative situation," she said.
That's despite a round of layoffs, work hour reductions and a move to obtain a ninety five million dollar short term loan.
The district's financial troubles have been complicated by a dispute between the board and Superintendent Demetrius Liggins, who says he was illegally placed on administrative leave.