Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Budget Votes topic
No spam. Unsubscribe anytime.
KPPA audit committee approves internal-audit budget, accepts post-retirement and reg-update reviews
Summary
The audit committee approved the internal audit division's FY2027 budget (a 5% increase) and accepted reviews of post-retirement audit procedures and the administrative regulation-update process; the budget will be incorporated into KPPA's overall budget for final approval.
The Kentucky Public Pensions Authority Audit Committee approved the internal audit division’s FY2027 proposed budget and accepted several audit reviews at the special meeting.
James Westbay presented the internal audit budget request showing a 5% increase from the prior year, driven mainly by an expense for a November conference the division is co-hosting. He reported about 31% of the current fiscal-year audit budget remained as of March 31. "As of March 31, we have approximately 31% left of our budget," Westbay said. The committee moved and approved the audit committee’s budget recommendation; staff said the requested amounts are included in KPPA’s overall fiscal-year budget scheduled for approval by the board on June 25.
Madeline summarized a post-retirement-audit review that reperformed a sample of 75 post-retirement audits from the roughly 4,607 completed in fiscal year 2025 and reported no findings; trustees moved and approved acceptance of that review. Kristen summarized an audit of the administrative regulation update process and said the process was compliant with statutes; the committee accepted that review as well.
During the meeting Zach provided an audit-plan update: 20 audits completed during the fiscal year and 33 audits currently in progress, with notes in the packet explaining hours overages for some audits. Committee members asked routine clarifying questions about staff hours and schedules.
Motions were made, seconded and the chair declared the motions carried; specific roll-call tallies were not recorded in the transcript beyond members saying "Aye" and the chair stating the motion carried.
What’s next: The audit committee’s approved internal-audit budget will be included in KPPA’s overall budget for the board to approve on June 25; staff will continue active audits and return results to the committee as scheduled.
