Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finances topic
No spam. Unsubscribe anytime.
Edmond Public Schools reports $62.1 million general-fund balance, sets 24.07-mill sinking-fund request
Summary
The Edmond Public Schools board reviewed end-of-year FY25 finances showing a $62.1 million general-fund balance, approved the FY25 financial statement and the 2025–26 estimate of needs that sets the district's sinking-fund millage at 24.07 mills.
The Edmond Public Schools Board of Education reviewed the district's fiscal year 2024–25 financial results and voted to approve the district's financial statement for FY25 and the estimate of needs for 2025–26, including a sinking-fund millage request of 24.07 mills.
District finance staff reported that the general fund ended FY25 with an ending fund balance of about $62,100,001.15, representing roughly 26.89% of general-fund revenue. Revenues exceeded budget by about $2.9 million; the presenter attributed the increase to higher local ad valorem collections, greater interest earnings and state aid that was higher than forecast. Federal revenue was down about $1.5 million compared with the prior year and is expected to decline further next year due to loss of federal tester funds.
The board packet shows the district's estimated revenues for 2025–26 (excluding ad valorem) at around $123 million and a calculated sinking-fund need of about $70.0 million. Using an assessed valuation of roughly $2.9 billion for the combined Edmond district (Oklahoma and Logan counties), staff calculated the sinking-fund rate at 24.07 mills. The presenter said the district's target range has historically been 24 to 25 mills and that the 24.07 mills figure would keep the district within that range.
Why it matters: the sinking-fund millage appears on property tax statements and funds debt service and capital needs through the sinking fund; the estimate of needs is also the document the district will publish in The Daily Oklahoman. Board approval authorizes the superintendent's office to publish the estimate and include the millage figure on legally required notices.
During review, board members asked about enrollment/assessment growth assumptions and the presenter said the district is using a conservative 3.25% assessed-value increase for bond planning (noting historical growth has been higher). Staff also warned that next year's budget will likely be in deficit by an estimated $6 million to $7 million if current trends continue.
The board voted to approve the FY25 financial statement and the 2025–26 estimate of needs (roll-call votes recorded as Coleman: yes; Benson: yes; Jones: yes; Underwood: yes; Hopgood: yes).
