THE BOARD OF EDUCATION OF THE CITY OF OKLAHOMA CITY, OKLAHOMA, MET IN REGULAR MONTHLY SESSION IN THE BOARD ROOM, ADMINISTRATION BUILDING,
MONDAY, JULY 7, 1941, AT SEVEN O’CLOCK P. M. PRESENT:
Dave R. McKown, Vice-President Mrs. Flora W. Penney, Clerk
Edd L. Hisel Roy J. Turner ABSENT:
Warren H. Edwards, President J. .Wiley Richardson
Other officials present: N„ L. George, Director of Business, Jno. W. Prlgmore, Auditor, W. A. Lybrand, Attorney, and C. C. Roberts, Treasurer. Absent: Superintendent H. E. Wrinkle. The minutes of the meetings .of June 13, 23 and 27, were-read and upon motion of Mr. Hisel, seconded by Mr. Turner, were approved as read.
Minutes Approved
A report was submitted by Mr. Prigmore accompanied by a statement of appropriated revenues for 1940-41 in the amount of $2,500,624.95, and maxinfum revenue estimates for financing 1941-42 Budget requirements which, together with a surplus of $220,126.01, would permit the Board to finance the 1941-42 Budget in full for the entire year in the amount of $2,442,174.49.
Report of Auditor
1941-42 Budget
The report contained the following comments: "The Board of Education by their conservative financial policies have brought to an end the uncertainties of prior years with, respect to their ability to meet the educational program outlined for the year, and. for the first time in many years may look forward with the assurance that their Budget will be financed in full prior to the beginning of the school year.
11 This policy in the administration of school finance should not lessen in any way the amount of the total .revenues available for expenditure over any period of years. It simply ends the practice of supplementing the appropriations the appropriations with current .year's surplus collections as received, which previously left no surplus accruals to forward to the next year to meet budget requirements.
"A particular advantage secured by the Board of Education this fiscal year has been the reduction of Interest Paid to holders of school district warrants from the total of $27,777.72 in 1939-40 to a total of only $2,121.63 for the year 1940-41. "This saving has been effected through the Investment Registration Plan for Non-payable warrants at time of registration, and the use of Sinking Fund Cash of the School District for temporary investment purposes.
"The application of the provisions of Senate Bill #37 of the 1941 Legislature should serve to eliminate entirely the necessity for any interest payment • whatever on warrants of the school district for the year 1941-42. "Sinking Fund Tax Levy Requirments for 1941-42 will be reduced by approximately one-half mill on the assessed valuation, by reason of the larger Cash surplus available for levy reduction.
"The financial Statement and Report prepared as of June .30, 1941, is now in the process of being typed and bound and will be ready for filing within a few days.", After further consideration of the General Fund Budget for 1941-42, .in .the total amount of $2,442,174.49, Mr. Hisel moved that the Budget be approved and ordered filed with the County Excise Board with the Financial Statement of June 3®, 1941. Mr. Turner seconded the motion which was declared to have carried.
1941-42 Budget for General Fund Approved
The following Budget for the Separate Schools for 1941-42, as prepared by Mr. Prigmore in accord with the Board's Instructions, was considered:
Separate School Budget