Texas-based firm Weaver Tidwell released a summary of the independent audit on August 3, urging the district to establish standardized accounting procedures, create a formal budget monitoring system, and review travel policies, in addition to dozens of other recommendations.
While the full findings revealed some errors resulting in surplus dollars, other instances saw district spending far exceeded the original budgeted amounts. Salaries, for example, accounted for a more than $20 million overage. A supplies budget also came in $6 million short.
Weaver found that the FY 2025 General Fund reserve ended at roughly 1 percent of spending, below what the state recommends and the district's own 6 percent policy.
FCPS Interim Chief Financial Officer Kyna Koch warned board members last week that implementing fixes will be a long-term project.
"We're not going to wrap this up in the next six months. This is going to take a really long time. There's a lot in here to digest, but we will be approaching it from the highest priority items that were identified by Weaver," she cautioned.
Some recommendations have already been incorporated into policy and others are underway, but the full list of proposed fixes totals more than 70. FCPS spokesperson Miranda Scully says the school board will review the full findings and leadership will move forward with a corrective action plan.
The audit findings further compound an already daunting financial picture as the district enters the new fiscal year in the red to the tune of $22 million, in part due to anticipated property tax shortfalls. That's on top of ongoing financial reviews and behind-the-scenes turmoil over the status of sidelined Superintendent Demetrius Liggins.