Board approves FY24 audit and annual financial report, reviews draft budget and elects officers; multiple routine votes pass unanimously

The Oldham County Board of Education on Jan. 27 accepted an unmodified (clean) independent audit for fiscal year 2024, approved the district’s FY24 Annual Financial Report and reviewed a draft FY26 budget outline before taking several routine governance votes.

Gina Jones, a shareholder with LBMC (the district’s independent auditor), told the board the audit provided an unmodified opinion and reported a $13.8 million increase in net position and no audit findings on federal program compliance. “This is an unmodified or clean opinion,” Jones said while summarizing the audit and the management discussion and analysis.

Treasurer Carrie Alexander presented the treasurer’s report and draft budget assumptions. Alexander reported governmental fund ending balances of just over $73 million and an investment account balance of a little more than $16 million; she said the building fund balance is about $24.9 million after a transfer of local revenues. Alexander said the draft budget holds average daily attendance flat for planning, applies a 5% assessment projection for local revenue planning and keeps the tax rate unchanged as a starting point.

Votes and routine actions: the board approved the audit report and the AFR, accepted the treasurer’s report, approved three sets of minutes from December and January, approved consent items, and approved a modification to the FY26 board meeting schedule. Following nominations, the board elected officers for 2025 and voted to enter executive session under KRS 61.810(1). The board recorded each vote as unanimous (5–0).

Why it matters: the audit and AFR inform the board and public about the district’s fiscal health; the clean opinion and increased fund balances indicate no material audit concerns for FY24. The draft budget signals general planning assumptions the district will refine before presenting a tentative budget for board adoption.

Key figures and notes from presentations: total assets (district‑wide, GASB basis) were presented at $343.6 million for FY24, up $22 million from FY23; liabilities decreased about $16.9 million mainly because pension and OPEB actuarial changes; the general fund reported revenues near $132 million and a general fund fund balance increase to about $10.1 million.

Ending: Board members did not propose changes to fiscal policy at the meeting; staff will return with budget development steps and the tentative budget as required by statute.