Report: FCPS will seek $110 million loan amid budget issues

The Fayette County Board of Education will be asked to approve a $110 million tax revenue anticipation note — a loan — at a May 11 meeting, an agenda item shows. WKYT included in a report Wednesday an agenda document that says interim Chief Financial Officer Kyna Koch will make the request.

“It appears that the district will end the fiscal year with less than a 2% contingency,” the agenda item document says, referring to FCPS’ contingency fund, which is required by state regulation to be at 2%. “Cash on hand may not be available to cover districts’ costs July through October. As the district starts to receive tax receipts in November, cash flow should then be sufficient to cover our costs.”

Koch has previously said she is recommending that the district seek a short term loan but district officials on Wednesday afternoon would not confirm the contents of the agenda document.

“The Board of Education conducts its business publicly and through open meetings, not through social media or traditional media platforms, district spokesperson Miranda Scully told the Herald-Leader.

Kentucky Auditor Allison Ball told Spectrum News Wednesday that her office, in the course of its examination of the district, found that the finances had been misstated for years.

“We actually were the ones through our review of everything that discovered that the books were not accurate. They’ve actually been doctored for quite some time,” Ball said.

Superintendent Demetrus Liggins and Koch announced the long-standing financial issues last month. The two said that accounting issues dating back to 2008 were to blame for the budget problems the district now faces.

This story was originally published May 6, 2026 at 2:59 PM.