The Enid News and Eagle, Enid, OK

November 18, 2013

Enid Public Schools board approves funding change resolution

By Phyllis Zorn, Staff Writer
Enid News and Eagle

ENID, Okla. — The Enid Public Schools Board of Education members gave the nod of approval to a resolution calling for a special funding situation to be created to avoid adverse effects from a pronouncement from the Governmental Accounting Standard Board.

The GASB has issued a new standard requiring local government units to report a portion of pension liability on their financial statements.

Liability for the Oklahoma Teachers’ Retirement System rests with the state, not the school districts, Chief Financial Officer Karl White told board members Monday evening.

“This could impact our bond rates, showing what the school district owes teachers as a liability,” White said.

The resolution calls upon the Legislature to work with the Office of Management and Enterprise Services as well as the State Auditor’s Office to create a “special funding situation” to meet GASB’s requirement.

It didn’t take board members long to approve a change to the contract with Henson Construction Company for building the Enid High School University Center. The change reduced the contract price by $90,714 — money built into the contingency portion but not needed for unforeseen issues.

The board approved in increase of $31,799 in the contract with Reeder General Contractors for renovations to the Administrative Services, I.T. Services, and Support Services Centers. That change was due to several hidden conditions and a substitution by construction managers.

In other matters, board members approved a number of routine fund raising and budget requests, transfers among accounts and fund encumbrances.

They also approved the district financial report, scheduled 2014 school board meetings, and approved a contract with Community Development Support Association to provide Parents as Teachers services to Enid school patrons.