Fayette County Public Schools presented the first draft of next year’s budget during a Monday meeting.
It’s the first version of the draft presented to the public before the school board votes on its final budget in September.
The school district’s general fund, which makes up most of its budget, is estimated to be around $697.4 million. That’s an increase from this year’s general fund of $690.6 million. District officials say they’re accounting for more revenue from property and motor vehicle taxes. They’re also expecting some reduction in state funding.
School board chair Tyler Murphy says it’s an early version of the budget and is subject to change.
“We have these conversations every year,” he said. “The draft budget is very preliminary, because there's very little detail from which we can operate, especially given the unknowns in Frankfort right now.”
That comes as the district tries to tighten its financial processes after budget problems earlier this year. That included cuts relating to a since-resolved $16 million shortfall, and a smaller contingency fund than expected. Next year’s beginning balance, or estimated contingency fund, is roughly $27 million.
State lawmakers and community members accused the school district board and Superintendent Demetrus Liggins of financial mismanagement earlier this year. FCPS is currently being investigated by the state auditor’s office. The district has also hired an accounting firm from Texas to perform its own audit.
In response, the district held its first meeting of the new Board Finance and Accountability Committee on Tuesday. That, along with the district’s audit committee, is intended to help oversee the district’s budget and promote public transparency.
Sophie Schwab is a member of the new committee and a teacher at Lafayette High School. She says she wants to represent how the district’s budget affects the classrooms.
“They're seeing numbers, and that's what a lot of the public is seeing,” Schwab said. “But when you're in the building, and you're seeing what that translates to, as far as staffing, and again, the materials, any of our lab equipment, that it makes a huge difference. So I hope I can bring that to the table.”
The committee is made up of eight people and one vacant seat. Those at the meeting indicated expanding the group to include more financial experts. They’re planning to meet on the third Wednesday most months of the year.
