Lynchburg City Schools held its first monthly finance committee meeting Thursday, as part of a multi-pronged approach to keep a better eye on the school system’s books.
Officials combed through detailed finance reports, assessed current enrollment figures and reviewed items that will be sent to City Council’s finance committee.
The move to create a finance committee came after the city’s annual audit revealed the division had a $440,000 deficit in the last fiscal year. Division officials were unaware of the deficit until the audit report was released in December, six months after the fiscal year ended.
The audit report was one of the items discussed during the hour-long meeting. Beverly Padgett, the division’s chief financial officer, alerted board members to a discrepancy within the auditor’s report. Following City Council’s most recent finance committee meeting, Padgett was asked for a breakdown of the overages in expenditures.
When detailing expenditures, she said she realized items in the report were grouped inconsistently. The audit’s findings did not change, but what categories the overages were in did. Instead of overspending in the administration category, the division overspent in transportation services, notably on fuel — something officials found understandable.
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