Broken Arrow school finance update: $509,000 midterm allocation drop and board approves bond sale preparations

Broken Arrow Public Schools finance staff told the school board on Jan. 13 that a midterm allocation adjustment reduced the district’s state aid by about $509,000, and trustees approved steps to sell two series of bonds to support capital priorities.

Finance staff reported that the district began the year with an estimated allocation of roughly $70.9 million and was lowered to about $70.405 million after midterm equalization—"about a $509,000 decrease from where we began the year," the presenter said—explaining that equalization and changes in local ad valorem collections can offset state aid for growing, prosperous districts.

Board members asked whether the change was overtly concerning; staff said it is a concern because state aid and local collections are the district’s two largest revenue categories, and emphasized the need to monitor ad valorem flows through March. The presenter said legislative work on funding priorities for common education will resume with the next session.

On capital finance, the board approved a preliminary official statement to prepare for a taxable $32,000,000 general obligation combined-purpose bond sale and reviewed related audited financials developed with bond counsel. Staff also proposed a second bond sale tied to the 2023 bond election for $11,000,000; after calendar discussion trustees scheduled a special board meeting for March 3 at noon to accept bids and approved a motion to proceed with the sale.

Board materials list the intended uses for bond proceeds as transportation, maintenance and technology. Trustees voted to authorize the preliminary statement and the special meeting to sell bonds; final bond pricing and sale outcomes will be set at those future proceedings.

What happens next: The board set a special meeting to accept bids on March 3; staff will return with sale results and any final documentation required to close the transactions.