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LBMC presents draft clean audit; audit committee recommends external review and board seeks APA coordination
Summary
External auditors LBMC presented a draft unmodified opinion on Fayette County’s 2025 financial statements, cited a GASB restatement and one material‑weakness finding tied to year‑end recording of bond liabilities. The board’s volunteer audit committee recommended Weaver as the external forensic auditor after an RFP; board asked staff to coordinate scope with the Auditor of Public Accounts before any contract.
The district’s external auditors, LBMC, presented a draft of the annual financial statements for the year ended June 30, 2025, to the Fayette County Board of Education on Nov. 24 and reported an unmodified (clean) opinion.
Katie Reed, LBMC senior manager, said the audit reflects two recently adopted Governmental Accounting Standards Board pronouncements (GASB 101 on compensated absences and GASB 102 on certain risk disclosures) and that implementation required a prior‑period restatement for compensated‑absence liabilities. LBMC reported a decrease in net position of roughly $12 million driven by a number of year‑specific adjustments and noted material year‑over‑year changes attributable to bond closings and the expiration of…
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