(Published in the Saturday edition of The Duncan Banner, September 12, 2015 - 1 time) FINANCIAL STATEMENT OF THE VARIOUS FUNDS FOR THE FISCAL YEAR ENDING JUNE 30, 2015 AND ESTIMATE OF NEEDS FOR FISCAL YEAR ENDING JUNE 30, 2016 OF BOARD OF EDUCATION OF EMPIRE SCHOOL DIST. NO. I-021, STEPHENS COUNTY,OKLAHOMA GENERAL BUILDING NUTRITION STATEMENT OF FINANCIAL CONDITION FUND Detail FUND Detail FUND Detail AS OF JUNE 30, 2015 ASSETS: Cash Balance June 30, 2015 $ 509,394.48$ 16,365.84$ 21,634.49 TOTAL ASSETS: $ 509,394.48$ 16,365.84$ 21,634.49 LIABILITIES AND RESERVES: Warrants Outstanding $ 142,683.03$ 54.48$ 1,594.05 Reserves From Schedule 8 $ 3,953.77$ $ 0.00 TOTAL LIABILITIES AND RESERVES $ 146,636.80$ 54.48$ 1,594.05 CASH FUND BALANCE (Deficit) JUNE 30, 2015 $ 362,757.68$ 16,311.36$ 20,040.44 ESTIMATED NEEDS FOR FISCAL YEAR ENDING JUNE 30, 2016 GENERAL FUND Current Expense $ 3,081,010.46Deduct Accrual Reserve if Assets Sufficient Total Required $ 3,081,010.4613. g. Earned Unmatured Interest $ 138.76 FINANCED:14. h. Accrual on Final Coupons $ 693.75 Cash Fund Balance $ 362,757.6815. i. Accrued on Unmatured Bonds $ 45,000.00 Estimated Misc. Revenue $ 2,273,940.4916. Total Items g Through i $ 45,832.51 Total Deductions $ 2,636,698.1717. Excess of Assets over Accural Reserves (page 2) 12,142.27 Balance to Raise from Ad Valorem Tax$ 444,312.29SINKING FUND REQUIREMENTS FOR 2015-2016 1. Interest Earnings on Bonds $ 10,600.00 ESTIMATED MISCELLANEOUS REVENUE:2. Accrual on Unmatured Bonds $ 265,000.00 1000 District Sources of Revenue $ 62,899.63Total Sinking Fund Requirements $ 275,600.00 2100 County 4 Mill Ad Valorem Tax $ 77,800.00Deduct: 2200 County Apportionment (Mortgage Tax) $ 9,600,001. Excess of Assets over Liabilities 12,142.27 3110 Gross Production Tax$ 155,600.00Balance To Raise $ 263,457.73 3120 Motor Vehicle Collections$ 233,000.00BUILDING FUND 3130 Rural Electric Cooperative Tax$ 82,700.00Current Expense $ 79,768.58 3140 State School Land Earnings $ 63,400.00Total Required $ 79,768.58 3200 State Aid - General Operations$ 1,344,139.00FINANCED: 3400 State - Categorical $ 25,986.00Cash Fund Balance $ 16,311.36 3800 State Vocational Programs 15,075.00Estimated Misc. Revenue $ 0 4200 Disadvantaged Students $ 101,239.98Total Deductions $ 16,311.36 4300 Individuals with Disabilities 102,500.88Balance to Raise from Ad Valorem Tax $ 63,457.22 Total Estimated Revenue $2,273,940.49CHILD NUTRITION PROGRAMS FUND SINKING FUND BALANCE SHEET Current Expense $ 188,840.44 1. Cash Balance on Hand June 30, 2014 $ 57,974.78Total Required $ 188,840.44 4. Total Liquid Assets $ 57,974.78FINANCED: Deduct Matured Indebtedness:Cash Fund Balance $ 20,040.44 12. Balance of Assets Subject to Accrual $ 57,974.78Estimated Miscellaneous Revenue 168,800.00 Total Deductions 188,840.44 CERTIFICATE GOVERNING BOARD STATE OF OKLAHOMA, COUNTY OF STEPHENS, ss: We, the undersigned duly elected, qualified and acting officers of the Board of Education of Empire School District No. I-021, of Said County and State, do hereby certify that at a meeting of the Governing Body of the said District, begun at the time provided by law for districts of this class and pursuant to the provisions of 68 O.S. 2001 Sec. 3003, the foregoing statement was prepared and is a true and correct condition of the Financial Affairs of said District as reflected by the records of the District Clerk and Treasurer. We further certify that the foregoing estimate for current expenses for the fiscal year beginning July 1, 2015, and ending June 30, 2016 as shown are reasonably necessary for the proper conduct of the affairs of the said Municipality, that the Estimated income to be derived from sources other than ad valorem taxation does not exceed the lawfully authorized ratio of the revenue derived from the same sources during the preceding fiscal year. /s/ Sheresa Patrick, President of Board of Education Subscribed and sworn to before me this 8th day of September, 2015 /s/Paula F. Freese, Notary Public
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