WCPS Puts $1.3 Million Toward Debt Repayment

WCPS Puts $1.3 Million Toward Debt Repayment

Wayne County Public Schools is chipping away at its $5 million fund balance deficit.

Adam Scepurek with Anderson, Smith, & Wike presented the Final 2019-2020 Financial Audit Report at this week’s Board of Education meeting.

As part of the audit, Scepurek says he found some funds that could be used for debt repayment.

Scepurek confirmed the district had over $1 million in a dental insurance liability account, which had accrued over 20 years, that could potentially be used towards debt repayment.

He says the auditing firm has no concerns with the district’s ongoing efforts to reduce debt and operate within its available funding sources.

Interim Superintendent Dr. David Lewis then presented a recommendation of a $1.3 million debt payment to NCDPI to put towards debt repayment to the State.

The Board of Education approved the recommended debt repayment of $1.3 million.

The payment would include $300 thousand dollars previously budgeted to cover the first payment and $1 million dollars to be paid from the dental insurance liability account that had accrued over 20 years.

Superintendent Dr. David Lewis says he is hopeful the district will be able to make another debt repayment by the end of the fiscal year.