The Edmond Sun

Local News

June 21, 2013

Deer Creek waits for $5 million bond money

Construction payments to catch up July 1

EDMOND — Deer Creek Public School District officials learned this week that they will be able to meet bond construction obligations in July despite an earlier report that the fund balances were too low.

During their June board meeting, Bill White, temporary finance adviser for the Deer Creek Public Schools District, told Board of Education members the $142.1 million worth of bond projects have developed a cash flow problem.

“The original draw plan for cash available is not high enough to cover the pay request,” White said, “and the problem will continue each month until we receive the new $5 million bond issue.”

Deer Creek voters approved May 14 an additional $5 million in bond funding to complete the four phases of projects that include land purchases, new construction and other needs.

In June Flintco received a partial payment that was $42,000 short of the pay request.  

“We are still working to determine the exact amount that Bond 39 needs to complete the projects, but for now it appears to need $3.7 million,” White said.

Since White’s report was made, Superintendent Ranet Tippin said the bond company’s representatives have informed the district that monies not spent for phase 2 (2011 fund) and phase 3 (2012 fund) can be used to pay for construction bills coming due at this time.

Friday, White told The Sun that the combined balance of the four bond funds is $8.96 million.

“On July 1 Deer Creek will be current on all of our payments to Flintco,” White said. “We have been advised to pay for only the new elementary from Bond Fund 12, while making all other payments from Bond Fund 11. This plan, which was originally presented in May, will prevent the delayed payments to Flintco.”

Construction was originally scheduled to be completed in 10 years but was sped up to complete the four phases of construction in four years. Phase 1 (Fund 10) was to be completed in 2010, phase 2 (Fund 11) in 2011, phase 3 (Fund 12) in 2012 and phase 4 (Fund 13) in 2013.

White went on to say the balance to complete the several projects is almost $14 million.

“The new bond money ($5 million) will be available in early September and will be used to pay for the completion of the projects,” White said. “We have the possibility that the contingency monies will return $500,000 for other needs, like renovating the old (high school) gym and Alumni Hall.”  

According to information released by Jeremy Halferty, program manager with Flintco, about $20 million of the $28 million originally estimated for the cost of the construction of the Performing Arts and Athletic Center has been spent to date.

When the $142.1 million bond was passed by Deer Creek voters in 2009, the monies were to be used in addition to the $10.5 million from a 2006 package that went toward completing the district’s new middle school, high school stadium, transportation facility, muti-sport complex and media center among other expansions and purchases.

Halferty said grade school No. 5, Spring Creek Elementary, is scheduled for completion July 13 and the PAAC is scheduled for completion Aug. 13.

At the end of White’s presentation, newly elected board member Jerrod Roberts said he would like to see a Flintco representative at every board meeting.

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