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Covington board approves FY27 tentative budget and routine finance items
Summary
The Covington Independent Board of Education approved its FY27 tentative budget and several routine finance actions — including fund rollovers, a BG5 closeout form and insurance renewals — enabling submission to the Kentucky Department of Education and continuing fiscal-year closeout work.
The Covington Independent Board of Education approved its FY27 tentative budget and several related finance items during its regular meeting.
Director Burchie, the district finance director, presented school activity fund spreadsheets and a Munis-generated financial snapshot for the district, noting that end-of-year payrolls and encumbrances will increase expenses through May and June and that final balances will roll into FY27. A motion to approve the FY27 tentative budget—required for submission to the Kentucky Department of Education—was made and approved by the board during a roll-call vote; one member recorded a dissenting vote.
Burchie also brought the annual closeout form (BG5) for the Al Street property acquisition related to a softball field, explaining the form documents expenses and that there is no residual value to carry to another project. The board voted to approve the BG5.
Other finance items approved included a fidelity/performance bond for the finance director at the KDE-prescribed level (noted as $600,000) and the district's property, liability, workers'compensation and cyber insurance package for FY27. Burchie credited the district safety committee and a low mod factor with moderating premium increases.
The board also approved the FY26 funds per ASB54 regulations to roll over available monies as required.
The board chair said staff will continue work over the summer on the district's working budget and that a final, legally adopted budget will return to the board in September.
The tentative budget approval allows staff to submit required documents to the Kentucky Department of Education; the district will revisit details and adjustments during summer budget work and at the September final-adoption hearing.
