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District leaders say new high‑school construction funds are restricted; operating shortfall not caused by build
Summary
Superintendent Dr. Jones and CFO Shane Smith told the board that prior general‑fund transfers to the construction fund were later reimbursed after bond sales and that bond proceeds are restricted to construction; the July financial report was approved 3–0.
Woodford County school leaders addressed questions about whether spending on the new high school contributed to the district's operating deficit, and they laid out recent fund transfers and accounting details during the board meeting.
Superintendent Dr. Jones said the district moved several amounts from the general fund into the building/construction fund in prior years and later received bond proceeds. "In 2019, 600,000; in 2020, 350,000; in '21, 350,000; and in '22, 350,000," she said, and added that, "After the bonds were sold in '23, $1,052,299 was transferred back into the general fund." The superintendent presented those numbers as the answer to public questions about whether construction drove the operating shortfall.
Shane Smith, who presented the July financial packet, reiterated the district's accounting position: "None of the financing to build a new high school came from the general fund outside of what Dr. Jones illustrated earlier prior to selling of the bonds," he said, noting that after bond issuance those dollars become restricted and may only be used for construction projects.
Smith reviewed July figures included in the board packet: total revenues for July were reported as $2,172,207.48; expenditures were $1,979,228.75; salary and benefits were listed at $713,498.62 and non‑salary expenditures at $1,265,730.13. He also flagged an unusual electronic deposit: the Kentucky State Treasurer had posted $1,287,136.63 intended for another district; that amount was refunded in August and will offset August financials.
Board members discussed remaining construction items; Smith estimated about $250,000 more in work before the high‑school project is complete and said the district would continue to post financial information on its budget‑transparency web tab. The board approved the July treasurer's report on a 3–0 voice vote.
