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Board approves monthly financial reports and fidelity bond; auditor contract noted as in fifth year
Summary
The board approved the district's monthly financial reports and renewal of a state-required fidelity bond, and discussed that the current auditor agreement will complete a fifth year, with plans to consider rebidding or renegotiating next spring.
The Rockcastle County Board of Education approved the monthly financial reports and renewed the district’s fidelity bond for the 2025–26 year during the meeting.
Finance staff told the board they are finalizing invoices and closeout work for the fiscal year and that the district’s general fund is on track. The presenters said small unforeseen costs have arisen but the district has not needed to use contingency funds to date. Staff said they will present the proposed budget and a deeper financial review at a special call board meeting scheduled for May 27.
Board members discussed the district’s external auditor. Staff reported the current agreement will cover a fifth year of service; there is no state requirement to change auditors and the decision to rebid or renegotiate rests with the board. The staff recommended considering an RFP, renegotiation or rebid in the coming spring.
On the fidelity bond, staff explained that state rules require a bond covering the district employee who handles funds, that Citizens Insurance Agency processed the bond, and that the district will report the bond to KDE (Kentucky Department of Education). The board voted to approve the bond and the financial reports.
Finance staff also clarified that interest earned on construction draws sits in an investment account and must follow state reporting and request requirements; the interest is included as part of the middle-school construction financial structure.
