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Board approves FY2026 working budget amid debate over fund balance and tax projections
Summary
The board voted 4–1 to approve the FY2026 working budget after extended questioning over beginning fund balance, property-tax revenue estimates tied to a 4% adopted rate, and whether the projected revenue increases will cover recurring expenditures; staff said the district still faces a roughly $2 million structural shortfall.
The Woodford County Public Schools board approved the FY2026 working budget on Sept. 22 following detailed questions about beginning fund balance, property-tax projections and recurring expenses.
Mr. Smith, the district’s chief of operations and finance, presented the working budget required by KDE. He said the total projected revenues across all funds (excluding construction and trust funds) are about $66.0 million. He explained an errant state deposit recorded in August and clarified that the combined unencumbered balance on the new high school projects is about $628,951.52.
Board members pressed staff about the change in projected property-tax revenue after the board adopted a 4% rate weeks earlier. One member said she expected the 4% rate to generate roughly $800,000 in new revenue; Mr. Smith described differences between worksheet estimates based on updated assessments and final collections, noting offsets such as changes in motor-vehicle taxes and personal service corporation (PSC) lines. After netting offsets, Mr. Smith said the overall receipts picture would yield a roughly $500,000 increase in total revenue across receipts, but that recurring expenditure increases (including step-salary increases) would still leave a structural deficit on the order of about $2 million unless further action is taken.
"We are at a situation where we will have to make significant cuts," the superintendent said, explaining that staff analyzed multi-year trends and that staffing accounts for roughly 75% of expenditures.
On procedural practice, several board members asked staff to provide clearer, consistent presentation formats and requested that detailed budget questions be submitted ahead of meetings to allow prepared answers during public sessions.
After discussion, the board approved the FY2026 working budget by a 4–1 vote. The record shows the board expects to return with additional detail and possible budget adjustments as the fiscal year proceeds and staff refines revenue and expenditure estimates.
Next steps: staff will provide follow-up documentation that reconciles worksheet estimates to last year’s actuals and supply clearer line-item explanations to address board questions about projected tax revenue and offsets.
