Fayette Schools Close Fiscal Year With Surprising Deficit | Lexington News

Fayette County Public Schools is closing its fiscal year with a surprisingly small deficit—just $5.5 million, far below the initial $17 million estimate—thanks to better-than-expected tax collections. As they prepare to approve a new $900 million budget, including a $750 million general fund and an $11 million contingency reserve, the district is still recovering from a year-and-a-half-long financial mess exposed in March when inaccurate records revealed mismanaged finances. Already, they’ve cut 120 positions and slashed $20 million in operating costs, even considering selling buildings. Teachers’ unions are weighing proposed cuts like reducing life insurance benefits, which could save $350K. And despite the turmoil, property taxes won’t be raised—new assessments are expected to boost revenue. The district’s working hard to get back on track without hiking taxes. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/11dcbd764e94e0db