While the final financial figures will not be available until September, district leaders estimate the shortfall will range between $5 million and $10 million, reflecting expenditures that exceeded revenue.
Officials said the projected deficit will require additional budget reductions. Because personnel decisions for the upcoming school year were finalized in mid-May, district leaders said employee positions currently in place will not be eliminated. However, they acknowledged the district may leave some vacant positions unfilled or choose not to replace employees who leave.
The Kentucky Department of Education has been providing technical assistance to the district as it works through its financial challenges. During Tuesday’s media briefing, Chief Financial Officer Kyna Koch discussed the state's involvement and whether additional oversight could become necessary.
"They've given us no indication that there's any punitive action coming our way," Koch said. "They have been totally committed to just supporting us in any way possible with any resources available to them that we might need to see us through this difficult time."
Looking ahead, Koch said the independent financial audit being conducted by Weaver Tidwell will be presented during the board’s Aug. 3 planning meeting. The audit is expected to include findings as well as a corrective action plan. District leaders also plan to present an updated budget at the same meeting, providing a clearer picture of the district’s financial outlook.
