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Board hears FY2025 restatement update, approves $35,000 addendum for Weaver Tidwell audit review
Summary
District staff reported progress on a FY2025 restatement and a $41 million beginning-balance discrepancy; the board authorized up to $35,000 in additional funding for Weaver Tidwell to complete its budget-review work and directed staff to develop a corrective action plan.
Fayette County Public Schools staff told the board on June 22 that the district’s FY2025 restatement remains underway and that adjustments are affecting FY2026 financial reporting. Acting Executive Director Amy Smith and interim Chief Financial Officer Kino said they have made progress and aimed to complete the restatement work within two to three weeks.
Officials highlighted several technical adjustments: a restatement-related discrepancy in the beginning balance (presented as approximately $41 million), changes in interest allocation required for construction funds where bonds were sold, and a transfer timing correction tied to a BG-23 revision that was applied retroactively. Staff said these corrections have shifted some revenues and expenditures between fiscal years and are reflected in the updated May financials the board reviewed.
The board also considered an addendum to the Weaver Tidwell contract. Staff said Weaver had exceeded its initial scope because of data complexity and ongoing cleanup, and requested up to $35,000 in additional funding to complete a draft report (expected in about two weeks) and present findings in August. The board approved that addendum (up to $35,000). Kino said the additional cost will be absorbed in the FY2027 budget and staff will identify offsets.
Several public commenters and board members emphasized the need for transparency and clear corrective actions. Dr. Bradford and staff committed to developing a corrective action plan once external and state audit findings are received and to providing monthly progress reports to the board.
Next steps: Weaver Tidwell will deliver a draft report to staff, staff will respond and prepare a corrective action plan for board review and approval, and the district will continue work to finalize the FY2025 restatement.
