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Fayette County Schools Financial Crisis | Lexington News
Fayette County Public Schools is in deep financial trouble, facing a massive budget deficit, inaccurate financial statements dating back to 2008, and a dangerously depleted contingency fund at just 1% of spending—far below state and district requirements. After cutting $20 million and 120 positions and taking out a $95 million loan, officials admit weak controls and poor oversight created an environment ripe for fraud. The interim CFO says no fraud has been found so far but confirms widespread irregularities, including unauthorized spending and misleading reports to the board. As the state…
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