Board members of Kentucky’s largest school system were recently warned that making payroll next fall would require offloading some investments. But it appears that process is necessary much sooner than anticipated, raising new questions about the district’s financial footing.
Jefferson County Public Schools Chief Financial Officer Eddie Muns informed board members by email Oct. 28 that his team plans to sell some of the district’s investment portfolio, then repurchase the same amount later in November. That plan was reiterated the following day during an Audit and Risk Management Advisory Committee meeting, in which Muns said this is not an unusual practice for the district.
“This is not new, it is not something that is unprecedented in any way,” Muns said of selling assets to cover expenses…