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EPIC Board approves second-amended 2024–25 budget after $11.4 million midterm state aid increase
Summary
The EPIC Blended Learning Charter board approved a second-amended FY2024–25 budget on Jan. 23 after the State Department adjusted the district’s midterm allocation upward; board roll call recorded three yes votes and two absences.
Jan. 23 — EPIC Blended Learning Charter presented a midterm state-aid update and approved a second-amended budget for the 2024–25 fiscal year, the board announced during its Jan. 23 meeting.
Janice (finance staff) reported that the midterm state aid allocation published by the Oklahoma State Department of Education increased EPIC’s allocation from about $199.3 million to about $210.7 million. The amendment to the district budget increases projected revenue by roughly $8.2 million and increases expenditures by just under $11 million, producing a net decrease to the projected ending fund balance of about $2.8 million. The board asked for the numbers and the updated cash-flow and expense-versus-budget projections shown in the packet.
Why it matters: The January state-aid adjustment produced a substantial cash inflow in January and, according to staff, improved near-term cash flow and fund-balance projections. Janice told trustees that January state aid was already in the bank and that the district could use the allocation to stabilize monthly cash flow through the fiscal year.
The board approved the second-amended budget as presented. The packet lists a proposed total expenditure limit of $287,210,398 for FY2024–25. The motion passed on recorded roll call with Miss Casper voting yes, Miss Myers voting yes and Mr. Veil voting yes; Miss Berry and Mr. Hammond were recorded as absent.
Votes at a glance (motions recorded during the meeting): - Motion to approve pathways applicants (approval of individuals listed on the “pathways” spreadsheet, with required follow-up documentation for highlighted candidates): approved. Roll call: Miss Casper — yes; Miss Myers — yes; Mr. Veil — yes; Miss Berry — absent; Mr. Hammond — absent. - Motion to approve the second-amended FY2024–25 budget (as proposed by Janice): approved. Roll call: Miss Casper — yes; Miss Myers — yes; Mr. Veil — yes; Miss Berry — absent; Mr. Hammond — absent. - Motion to accept financial statements (period ending Oct. 31, 2024): approved. Roll call: Miss Casper — yes; Miss Myers — yes; Mr. Veil — yes; Miss Berry — absent; Mr. Hammond — absent. - Motion to accept financial statements (period ending Nov. 30, 2024): approved. Same roll call as above. - Motion to approve the consent agenda: approved. Same roll call as above. - Motion to go into executive session to discuss agenda items: approved. Board stated that only board members present plus Bart Banfield and Brandon Webb attended the executive session, no votes were taken while in executive session. - Motion to adjourn: approved.
Board members asked several technical questions about the weighted average daily membership (ADM) and how categorical weights (special education, bilingual, economically disadvantaged, gifted) affect funding. Janice explained the mechanics of the state aid formula, including the January redistribution step that aligns monthly payments to the new allocation, and said the district’s finance team would continue monitoring for small technical adjustments from the State Department.
The board recorded the votes on the motions by roll call; trustees present and voting were Miss Casper, Miss Myers and Mr. Veil. Miss Berry and Mr. Hammond were absent for those votes.
