Henry County School Division plans $350,000 contribution to OPM trust fund

The Henry County Public Schools (HCPS) Closeout Board Meeting held on June 12, 2025, focused on the financial status and obligations of the school division as it approached the end of the fiscal year. The meeting addressed several key agenda items regarding contributions to the Other Post-Employment Benefits (OPM) plan and payroll obligations.

The discussion began with a review of contributions to the OPM plan, which had varied significantly from 2009 until February 2013. Notably, there were no contributions made during several periods, including February 2010, from 2013 through February 2018, and from 2020 through February 2022. However, contributions resumed in fiscal year 2023. The board determined that continuing contributions to the OPM trust fund is essential to avoid potential liabilities. It was recommended that an amount not to exceed $350,000 be allocated to the Henry County School Division OPM plan, pending the availability of year-end funds from fiscal year 2025.

The meeting also highlighted major payroll obligations that remain, specifically the June 30 payroll for all personnel and an extended payroll for employees on a 10-month contract. The extended payroll is scheduled to be processed in late June and distributed on July 31. Additionally, vendors with invoices totaling $15,000 or more were listed for inclusion in the end-of-year accounts payable estimate.

For accounting purposes, some obligations, including invoices and salaries paid during July and August, will be recoded to the prior fiscal year. This includes payments for summer school teachers working through late June and various utility invoices that will be settled after June 30. The board recommended that all identified obligations be paid with fiscal year 2025 funds.

In conclusion, the HCPS Closeout Board Meeting provided a clear overview of the financial commitments and strategies necessary to ensure the smooth operation of the school division as it transitions into the new fiscal year. The recommendations made during the meeting will guide the allocation of funds and management of payroll obligations moving forward.