Breaking News: Auditor says WCPS fund balance at -$3.6 million, has trended downward since 2015

As members of the Wayne County School Board prepare to weigh Superintendent Dr. Michael Dunsmore’s proposed 2020-21 budget — one that includes staff cuts and increased class sizes to rectify a $5 million deficit — they first heard from an independent auditor who revealed that the “net worth” of the district is negative $3.6 million.

Diana Hardy, a CPA and audit partner in the Greensboro office of Rives & Associates LLP, told the board that the Wayne County Public Schools general fund balance has been on a “negative trend” since 2015.

“A fund balance is really just your equity. … That is truly your net worth,” she said. “That negative ($3.6 million) is what the (school district) is considered to be worth.”

For more on this story, and the board’s special-called meeting, as it develops — and to see a copy of the audit — follow the New Old North here and on our Facebook and Instagram pages @newoldnorth