October 31, 2019 at 8:30 AM - Special Meeting of The Board of Education Independent School District Number 33, Creek County
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Call the Meeting to Order
Discussion:
President Hoover called the meeting to order at 8:36 am.
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Formal Adoption of the Agenda
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Discussion, motion, and vote on a motion to formally adopt the Agenda.
Action(s):
No Action(s) have been added to this Agenda Item.
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Information and Discussion Items
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Bond Funds
Discussion:
Current Bond Series (2014)
* Balance of General Obligation Bond(s) currently available: $1,063,988 * 2 Payment Issues Remaining * 7/2020: Total Issue is $9,910,000 Debt Payment = $7,775,700 Net Proceeds: $2,134,300 ¦ HMH Payment = $661,750 ¦ Flagged for Technology = $863,250 ¦ Remaining for Other Projects = $609,300 ¦ Being advised to move issue to 6/2020, pending approval by auditor to keep millage at 30 * 6/2023: Total Issue $16,000,000 Debt Payment = $15,892,750 Net Proceeds: $107,250 ¦ Remaining for Other Projects = $107,250 |
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Current and Future Bond Projects
Discussion:
Future Bond Options
* Bond Agent recommends a small 2 year issue of around $2,000,000 to be voted on in Spring of 2021 and issued in Summer of 2021. This would keep our millage up until the large series bond becomes available in 2023 without a tax increase. * The next opportunity for Series Bond Issue is Summer 2023, with vote being taken in Fall 2022 or Spring 2023 * Depending on valuation growth of 1-3%, the yield would range from $34,000,000 to $51,000,000 |
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General Revenue and Expenditure Projections
Discussion:
General Fund-Current
State Aid is based on several factors: Student Membership (ADM) Weighted ADM (WADM) Special Education Weight Gifted Weight Economically Disadvantaged Bilingual Summer Programs Teacher Index 2019-20 General Fund Budget Current WADM for State Aid= 6,081 Current Revenue Expected= $28,660,913 Carryover from FY19= $2,801,709 Total Revenue= $31,462,622 Total Expenses= $28,844,286 Projected Carryover= $2,618,366 99.1%) With a drop in Enrollment Numbers the Estimated WADM for State Aid= 5,940 for the 2020-21 General Fund Budget Estimated Revenue Expected= $28,295,444 Estimated Carryover from FY20= $2,618,336 Total Revenue= $30,913,780 Total Expenses= $29,346,066 Projected Carryover= $1,567,774 (5.5%) |
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Superintendent Comments
Discussion:
Summary:
*How much bond funds are we comfortable using to soften the blow to the General Fund? *A small bond issue in 2021 could also alleviate some cuts * Plan Now, Save Now Mr. Armstrong stated that meetings have started and will continue to happen to get in front of the shortage of State Aid. His plan is to include everyone so that we can continue to be the fabulous District that we are!! |
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Action
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Discussion, motion, and vote on a motion to approve/disapprove to increase purchasing card rebate percentages with Arvest Bank.
Action(s):
No Action(s) have been added to this Agenda Item.
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Discussion, motion, and vote on a motion to approve/disapprove school agreement with American Heritage Bank for a School Debit Card Program.
Action(s):
No Action(s) have been added to this Agenda Item.
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Personnel
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Vote to approve/disapprove employing Personnel as per attachment.
Action(s):
No Action(s) have been added to this Agenda Item.
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Adjourn
Action(s):
No Action(s) have been added to this Agenda Item.
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