Schedule of District's Contributions-Oklahoma Teacher's Retirement System

Union Public Schools Notes to the Financial Statements

FOR THE YEAR ENDED JUNE 30, 2021

NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Assets, Liabilities, Deferred Outflows and Inflows of Resources, and Net Position

Interfund transfers and transfers of interest earnings during the year ended June 30, 2021, were as follows:

Transfer Out Transfer in

General Fund Sinking Fund Non-Major Funds

General Fund $ Bond Fund Sinking Fund Non-major fund - $ - $ 97,818 - 77 358,140

389,255 -

- 7,125

Total $ 389,255 $ 77 $ 463,083

Pensions: For purposes of measuring the net pension liability, deferred inflows and outflows of resources related to pensions and pension expense, information about the fiduciary net position of the Oklahoma Teacher’s Retirement System (OTRS) and additions to/deductions from OTRS’s fiduciary net position have been determined on the same basis as reported by OTRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments held by OTRS are reported at fair value.

Deferred Outflows of Resources: Deferred outflows of resources represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. At June 30, 2021, the government-wide financial statements included deferred outflows of resources related to pensions. See Note G for additional discussion about pension deferred outflows of resources.

Deferred Inflows of Resources: Deferred inflows of resources represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until then. At June 30, 2021, the governmental fund balance sheet includes deferred inflows of resources related to unavailable property taxes receivable; such receivables will be recognized as revenues in the governmental funds when they become available. The government-wide financial statements reflects deferred inflows of resources related to pensions and OPEB liability. See Note G and Note H for additional discussion about pension deferred inflows of resources and OPEB deferred inflows of resources. Both the government-wide statement of net position and governmental funds balance sheet reflect deferred inflows of resources related to property taxes receivable that have been assessed but are not recognized as revenue until the year for which they are levied. The governmental funds balance sheet also reflects deferred inflows of resources related to delinquent property taxes and other receivables that are not available in the current period.

Net Position: In the government-wide and proprietary fund financial statements, net position is displayed in three components as follows:

 Net investment in Capital Assets: This consists of capital assets, net of accumulated depreciation and retainage plus deferred outflows of resources (if applicable) less the outstanding balances of any bonds, notes, other borrowings, or deferred inflows of resources (if applicable) attributable to the acquisitions, construction, or improvement of those assets. Net investment in capital assets excludes unspent bond proceeds of $36,653,069.

 Restricted Net Position: Consists of net position that is legally restricted by outside parties or by law through constitutional provisions of enabling legislation. The District would typically use restricted net position first, as appropriate opportunities arise, but reserve the right to selectively defer the use thereof to a future project or replacement equipment acquisition.