An independent audit of Fayette County Public Schools’ budget processes and expenditures identified significant weaknesses in financial controls, reporting, oversight, and spending practices, leading auditors to recommend more than 70 corrective actions to improve accountability and transparency.
The final audit report, conducted by Weaver L.L.P., found that the district’s FY2025 General Fund reserve ended at roughly 1% of spending, falling below both Kentucky’s 2% minimum reserve requirement and the district’s own 6% reserve target. Auditors said the findings point to weaknesses that reduce the accuracy, accountability, and transparency of the district’s finances.
The report outlines six major areas of concern: documentation and audit trails, policies and internal controls, management oversight, budget monitoring, coding and classification accuracy, and governance and transparency…