2019 Comprehensive Annual Financial Report for Union Public Schools by Michael Vore

Union Public Schools Independent School District #9 Tulsa, Oklahoma 74133

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Union Public Schools Independent District #9 Tulsa, Oklahoma

Comprehensive Annual Financial Report For the Fiscal Year Ending June 30, 2019

Prepared by: Department of Finance Patricia K. Williams, Ed. D. &KLHI )LQDQFLDO 2IÃ&#x20AC;FHU 7UHDVXUHU Catherine L. Bentley, CPA 'LUHFWRU RI )LQDQFLDO 5HSRUWLQJ 7UHDVXU\ Rebecca K. Byers, CPA, SFO $VVRFLDWH 'LUHFWRU RI %XGJHW 7UHDVXU\ Jessica K. Wright, CPA Senior Manager of Financial Reporting

Union Public Schools - Table of Contents Comprehensive Annual Financial Report For the Year Ended June 30, 2019

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INTRODUCTORY SECTION Transmittal Letter and District Profile .................................................................................................................................................................................................................................... 1 .................................................................................................................................................................................................................................... ASBO Certificate of Excellence 19 .................................................................................................................................................................................................................................... GFOA Certificate of Achievement 20 .................................................................................................................................................................................................................................... School Officials 21 Organizational Chart .................................................................................................................................................................................................................................... 22

FINANCIAL SECTION .................................................................................................................................................................................................................................... Independent Auditor's Report 23 Management's Discussion and Analysis ..................................................................................................................................................................................................................................... 25 - 35 Basic Financial Statements Government wide Financial Statements: .................................................................................................................................................................................................................................... 36 Statement of Net Position Statement of Activities .................................................................................................................................................................................................................................... 37 Fund Financial Statements: Balance Sheets - Governmental Funds .................................................................................................................................................................................................................................... 38 Reconciliation of the Governmental Funds Balance Sheet .................................................................................................................................................................................................................................... to the Statement of Net Position Statement of Revenues, Expenditures, and Changes in .................................................................................................................................................................................................................................... Fund Balances - Governmental Funds 40 Reconciliation of the Statement of Revenues, Expenditures, and Changes .................................................................................................................................................................................................................................... in Fund Balances of Governmental Funds to the Statement of Activities 41 .................................................................................................................................................................................................................................... Statement of Net Position - Proprietary Funds 42 Statement of Revenues, Expenses, and Changes in .................................................................................................................................................................................................................................... Net Position - Proprietary Funds 43 Statement of Cash Flows - Proprietary Funds .................................................................................................................................................................................................................................... 44 .................................................................................................................................................................................................................................... Statement of Net Position - Fiduciary Funds 45 ..................................................................................................................................................................................................................................... Notes to the Financial Statements 46 - 68 Required Supplementary Information: Schedule of Changes in the District's Total OPEB Liability and Related Ratios .................................................................................................................................................................................................................................... 69 Schedule of the District's Proportionate Share of the Net Pension Liability.................................................................................................................................................................................................................................... Oklahoma Teachers' Retirement System 70 .................................................................................................................................................................................................................................... Schedule of District's Contributions-Oklahoma Teacher's Retirement System 71 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - (Budgetary Basis) - Budgeted .................................................................................................................................................................................................................................... Governmental Fund Types - General Fund 72 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - (Budgetary Basis) .................................................................................................................................................................................................................................... Budgeted Governmental Fund Types - Building Fund 73 .................................................................................................................................................................................................................................... Combining Balance Sheet - Nonmajor Governmental Funds 74 Combining Statement of Revenues, Expenditures, and Changes in .................................................................................................................................................................................................................................... Fund Balance - Nonmajor Governmental Funds 75 .................................................................................................................................................................................................................................... Budgeted Governmental Fund Types - Child Nutrition Fund 76 Other Supplementary Information: .................................................................................................................................................................................................................................... Combining Statement of Changes in Assets and Liabilities - Agency Funds 77 STATISTICAL SECTION Financial Trends

Union Public Schools - Table of Contents Comprehensive Annual Financial Report For the Year Ended June 30, 2019

PAGE .................................................................................................................................................................................................................................... Net Position by Component 77 ..................................................................................................................................................................................................................................... Changes in Net Position 78-79 .................................................................................................................................................................................................................................... Fund Balances of Governmental Funds 80 Changes in Fund Balances of Governmental Funds .................................................................................................................................................................................................................................... 81 Revenue Capacity Assessed Value and Actual Value of Taxable Property .................................................................................................................................................................................................................................... 82 .................................................................................................................................................................................................................................... Direct and Overlapping Property Tax Rates 83 .................................................................................................................................................................................................................................... Principal Property Taxpayers 84 .................................................................................................................................................................................................................................... Property Taxes Levies and Collections 85 Debt Capacity Ratios of Outstanding Debt by Type .................................................................................................................................................................................................................................... 86 .................................................................................................................................................................................................................................... Ratios of Net General Bonded Debt Outstanding 87 .................................................................................................................................................................................................................................... Direct and Overlapping Governmental Activities Debt 88 .................................................................................................................................................................................................................................... Legal Debt Margin 89 Demographic and Economic Information Demographic and Economic Statistics ..................................................................................................................................................................................................................................... 90-91 Tulsa Area Principal Employers .................................................................................................................................................................................................................................... 92 Operating Information .................................................................................................................................................................................................................................... Capital Assets by Function and Activity 93 Employee Information .................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................... Operating Statistics 95 .................................................................................................................................................................................................................................... Support Services Statistics 96 School Building Information ..................................................................................................................................................................................................................................... 97-99 .................................................................................................................................................................................................................................... Insurance Schedule 100

COMPREHENSIVE ANNUAL FINANCIAL REPORT Introductory Section

Union Public Schools Independent District #9

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After School Programs

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During the 2018 2019 school year:

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Impact of after school programs:

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Early Childhood Programs

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Summer Camps and Activities Fair

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Community Partner Appreciation Breakfast

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Mentoring

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Financial Support

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Kirt Hartzler, Ed.D. 6XSHULQWHQGHQW

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Catherine L. Bentley, CPA 'LUHFWRU RI )LQDQFLDO 5HSRUWLQJ 7UHDVXU\

The Certificate of Excellence in Financial Reporting is presented to

Union Public Schools, Independent District I-009 for its Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2018. The CAFR meets the criteria established for ASBO International s Certificate of Excellence.

President

Executive Director

2018 2019 BOARD OF EDUCATION

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2018 2019 Principals

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Union Public Schools _ 2018 2019 Administrative Organizational Chart Board of Education Superintendent of Schools

Chief Financial Officer/Treasurer Finance Department Executive Director Human Resources Sr. Executive Dir. Federal Programs Director of Adult Education Director of Accounting Director Financial Reporting/Treasury

Sr. Executive Director Teaching & Learning Teaching and Learning Sr. Exec. Dir. Research Design Assessment Director of Enrollment Services Sr. Exec Dir. Instructional Services Director of Professional Learning

Executive Director of Elementary Education Elementary Principals

Director of Payroll Director of Purchasing

Director of Special Education

Executive Director of Secondary Education Secondary Principals Grades 6 12

Director of Athletics Executive Director Instructional Technology Executive Cabinet Position Cabinet Position

Director of Fine Arts 22

Chief Communications Officer Associate Superintendent Support Services Executive Director of Technology Executive Director of Special Projects Director of Construction Director of Safety and Security Director of Transportation Director of Child Nutrition

COMPREHENSIVE ANNUAL FINANCIAL REPORT Financial Section

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COMPREHENSIVE ANNUAL FINANCIAL REPORT Management's Discussion & Analysis

Union Public Schools Management's Discussion and Analysis The Management’s Discussion and Analysis of Union Public School District’s financial performance provides a narrative overview of the district’s financial activities for the fiscal year ended June 30, 2019. The intent of this discussion and analysis is to look at the district’s financial performance as a whole. Readers should also review the transmittal letter, notes to the basic financial statements, and supplementary information to enhance their understanding of the district’s financial performance. Financial Highlights Key financial highlights for fiscal year 2019 are as follows: 

In total, the district’s net position increased $18,753,802. The net position of governmental activities increased $18,753,802 which represents a 18.76 percent increase from fiscal year 2018.



General revenues accounted for $133,978,838 in revenue or 73.21 percent of all revenues. Program specific revenues in the form of charges for services and sales, grants and contributions accounted for $49,017,880 or 26.79 percent of total revenues of $182,996,718.



The district had $164,242,916 in expenses related to governmental activities; only $49,017,880 of these expenses were offset by program specific charges for services, grants or contributions. Expenses are shown in programs that are easily identifiable utilizing the current Oklahoma Cost Accounting System (OCAS) coding structure.



Among the major funds, the general fund had $121,928,157 in revenues, $120,522,859 in expenditures, resulting in a fund balance increase of $1,588,880. This increase is primarily a result of an increase in state, local, and federal revenue collections. Bond fund revenues totaled $614,514. Net bond sale proceeds were $24,500,000. Expenditures in the bond fund totaled $23,826,711. The sinking fund had $26,202,463 in revenues and $27,098,437 in expenditures. The building fund became a major fund for Fiscal year 2019 with $12,726,318 in revenues and $8,884,613 in expenditures.



Based upon criteria established by the Governmental Accounting Standards Board, the building fund, a special revenue fund, was re-classified from a non-major fund to a major fund.

Overview of the Financial Statements This Comprehensive Annual Financial Report (CAFR) consists of a series of basic financial statements: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. Other supplementary information is included in addition to the basic financial statements. These statements are organized so the reader can understand Union Public School District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities. Government-wide financial statements: The government-wide financial statements are designed to provide information about the activities of the district as a whole, presenting both an aggregate view of the district’s finances and a longer-term view of those finances. The Statement of Net Position presents information on all of the district’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference reported as net position. The Statement of Activities presents information showing how the district’s net position changed during fiscal year 2019. While this document contains the large number of funds used by the district to provide programs and activities, the view of the district as a whole looks at all financial transactions and asks the question, “How did we do financially during 2019?” The Statement of Net Position and the Statement of Activities answer this question. These statements include all assets, deferred outflows of resources, liabilities, and deferred inflows of resources using the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year’s revenues and expenditures regardless of when cash is received or paid. 25

Union Public Schools Management's Discussion and Analysis These two statements report the district’s net position and changes in that position. This change in net position is important because it tells the reader that, for the district as a whole, its financial position has improved or diminished. The causes of this change may be the result of many factors—some financial, some not. Non-financial factors include the district’s property tax base, current property tax laws in Oklahoma restricting revenue growth, facility conditions, mandated educational programs, and other factors. The Statement of Net Position and the Statement of Activities are reported as governmental activities. Most of the district’s programs and services are reported here, including instruction, support services, operation and maintenance of plant, pupil transportation, and extracurricular activities. The government-wide financial statements can be found beginning on page 36. Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Union Public School District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds can be divided into three categories: 1) governmental funds, 2) proprietary funds, and 3) fiduciary funds. Governmental Funds: Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the district’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the district’s nearterm financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, the sinking (debt service) fund, the bond fund, and the building fund all of which are considered to be major funds. A summary of the district’s major funds can be found in Note A of the notes to the financial statements beginning on page 46 of this report. The basic governmental fund financial statements begin on page 38 of this report. Proprietary Funds: Proprietary funds are used to account for activities similar to those found in the private sector. The district has one proprietary fund, the Internal Service Fund, which is used to account for activities within the Employee Insurance Fund. The basic proprietary fund financial statements begin on page 42 of this report. Fiduciary Funds: Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the district’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements begin on page 45 of this report. Notes to the financial statements: The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found beginning on page 46 of this report. Other information: In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the district.

Union Public Schools Management's Discussion and Analysis Government-Wide Financial Analysis Recall that the Statement of Net Position provides the perspective of the district as a whole. Table 1 provides a summary comparison of the districtâ&#x20AC;&#x2122;s net position for fiscal years 2018 and 2019:

Table 1 Net Position Governmental Activities 2019 2018 Assets Current assets Land & CIP assets Capital assets being depreciated, net Total assets Deferred outflows of resources Liabilities Current liabilities Non-current liabilities Total liabilities Deferred inflows of resources Net position Net investment in capital assets Restricted for debt service Restricted for capital projects Restricted for other purposes Unrestricted (deficit) Total net position

$ 188,432,481 29,982,209 161,005,848 379,420,538

$ 178,671,328 25,763,437 159,699,384 364,134,149

18,610,161

23,057,944

41,191,018 160,185,240 201,376,258

40,052,308 173,047,815 213,100,123

77,955,311

74,146,642

140,417,926 14,534,933 15,779,679 7,076,687 (59,110,095)

133,259,962 14,746,205 11,412,944 6,742,655 (66,216,438)

$ 118,699,130

$ 99,945,328

Total assets were $379,420,538. Cash and cash equivalents were $66,565,803. Investments totaled $52,216,305. Capital assets being depreciated were $161,005,848. Taxes and other receivables were $68,152,678. The net position of the districtâ&#x20AC;&#x2122;s governmental activities increased by $18,753,802. The majority of this increase was a result of an increase in state and local revenue collections. The October 2018 student count of 15,773 unweighted ADM and 25,772 weighted ADM reflected district decline of 74 actual students and an increase of 10 weighted students. This growth in weighted students was responsible for the increase in the mid-term State Aid allocation. The district was able to maintain its ending fund balance percentage in the general fund at 13.98 percent on a budgetary basis, which placed it in a favorable operating position to weather any future economic slowdown. The district will continue to monitor state revenue projections and market conditions to anticipate circumstances that may warrant changes in spending in the next fiscal year.

Union Public Schools Management's Discussion and Analysis Governmental Activities: As reported in the Statement of Activities on page 37, the cost of the districtâ&#x20AC;&#x2122;s governmental activities for the year ended June 30, 2019, was $164,242,916. This represents an increase in the cost of governmental activities of $6,406,276 compared to the prior fiscal year. The reader will note a $3,973,165 increase in regular instruction, and a $1,511,080 increase in Pupil Services from the prior fiscal year. This increase is due to additional funding from the state. Not all of the cost of governmental activities was borne by the taxpayers. Of the $164,242,916 cost, $5,256,188 was paid by those who used or benefited from the services rendered (e.g., charges for before and after school care and summer school tuition), and $43,761,692 was paid through various federal and state grants and contributions. Consequently, the net cost of $115,225,036, after taking into consideration these fees and subsidies, was paid by the taxpayers, unrestricted federal and state aid, and other general revenues. Graph 1 below illustrates the cost of services in the districtâ&#x20AC;&#x2122;s three largest programs -- instruction, support, and food services. The graph compares the cost of the services with the revenues generated by the program.

Graph 1

Union Public Schools Management's Discussion and Analysis Table 2 provides a summary comparison of the district's change in net position for the fiscal years 2019 and 2018: Table 2 Summary of Changes in Net Position Governmental Activities 2019 2018 Revenues Program revenues: Charges for services Operating grants and contributions

General revenues: Property taxes Other taxes State aid not restricted to specific program Earnings on investments Other Total revenues

5,256,188 43,761,692

5,309,319 33,586,992

64,941,919 8,160,672 57,475,589 2,169,978 1,230,680 182,996,718

63,393,372 8,294,351 48,783,416 1,304,275 2,150,884 162,822,609

60,175,239 8,207,485 816,876 9,905,669

56,202,074 7,725,685 737,913 9,320,347

9,847,137 6,346,932 2,665,156 9,534,072 9,666,700 24,098,794 8,386,266 97,718 991,638 1,464,143 12,039,091 164,242,916

8,336,057 5,388,880 2,995,149 9,884,302 9,684,632 25,389,500 5,805,253 74,421 3,747,433 1,326,284 11,218,710 157,836,640

Change In Net Position

18,753,802

4,985,969

Net Position, Beginning Net Position, Ending

99,945,328 $ 118,699,130

94,959,359 $ 99,945,328

Expenses Instruction: Regular instruction Special education instruction Vocational education Other instruction Support services: Pupil services Instructional staff services General administration services School administration services Business services Operations and Maintenance Services Pupil transportation services Other support services Community services Interest on long-term debt Child nutrition operations Total expenses

Union Public Schools Management's Discussion and Analysis Total governmental activities revenues increased in fiscal year 2019 to $182,996,718. This represents a 12.39 percent revenue increase over the previous year. Graph 2 illustrates the components of this revenue. Graph 2

Instruction comprised 48.16 percent of governmental program expenses. Support services expenses made up 44.51 percent of governmental expenses. Graph 3 illustrates the components of the expenses in the governmental activities. Graph 3

Union Public Schools Management's Discussion and Analysis Financial Analysis of Government's Funds As noted earlier, Union Public School District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds: The focus of the district’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the district’s financing requirements. In particular, fund balances may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the district’s governmental funds reported combined ending fund balances of $104,572,469, with $1,497,694 of this total amount constituting non-spendable fund balance reserved for inventories. In addition, $75,407,629 is restricted for specific purposes: $15,689,921 in the building fund for uses mandated by the Oklahoma Constitution including building erection and maintenance, security, utilities, and fire/casualty premiums; $14,481,229 in the sinking fund for debt service, and $37,888,038 in the bond fund for capital projects. Assigned fund balance totals $5,143,824 for compensating balances, early retirement incentive, and insurance recovery. Unassigned fund balance totals $22,523,322 and is available for spending at the district’s discretion. The general fund is the chief operating fund of the district. At the end of the current fiscal year, unassigned fund balance of the general fund was $22,523,322. As a measure of the general fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 18.69 percent of total general fund expenditures. The fund balance of the District’s general fund increased by $1,588,880 from the prior year as a result of an increase in state and local revenue, primarily ad valorem tax and State Aid, as well as federal revenue sources in the form of Title 1, and IDEA. Controlling fiscal year-end expenditures to maintain a continuing level of fund balance is also a contributing factor to the district’s financial stability. The district relies on the ending fund balance to meet cash flow needs during the first six months of the following fiscal year. While a small portion of the revenue is collected during the first six months of the fiscal year, the significant revenue collections occur in late spring. This annual cash flow trend requires the district to increase the ending fund balance each year as the expenditure budget grows in order to meet cash flow requirements of the first six months prior to tax revenues being collected. The revenue and expenditure budgets are revised during the fiscal year based on the final federal grant award notifications, state aid allocation revisions, actual revenue receipts and other unanticipated increases or decreases in revenue or expenditures. Fiscal year 2019 general fund revenue budgets were revised during the year based on adjustments to revenue collections. The fiscal year saw a $307,800 decrease in mid-term state aid, State Flexible Benefit Allowance, property tax collections, and other local, state, and federal sources, while federal grant collections estimates were increased $231,612. The variance in the final budget versus the actual revenues and expenditures revealed a variance in revenues of $1,265,733 and a variance in expenditures of $1,178,610. This revenue variance is primarily due to higher than anticipated collections of local and state sources of revenue. State Aid remained stabile through the year and actually increased as the year came to a close. The approved final expenditure budget was intentionally larger than anticipated actual expenditures to provide the flexibility necessary to manage any unanticipated revenue receipts and expenditures incurred in the final days of the fiscal year. The building fund had a total fund balance of $15,689,921. The net increase in fund balance during the curent year in the building fund was $4,276,977. The increase in the fund balance is due to the receipt of funds from the City of Tulsa for a community health center on Ochoa Elementary grounds. The variance in the final budget versus the actual revenues and expenditures revealed a variance in revenues of $(29,258) and a variance in expenditures of $9,268,577. The large variance in expenditures is due to the continuation of design and construction on the health clinic. The Oklahoma Constitution allows the building fund to be used for erecting, remodeling, repairing, or maintaining school buildings; purchasing furniture, equipment, or computer software; paying energy and utility costs purchasing telecommunications services; paying fire and casuality insurance premiums; purchasing security systems; and paying salaries of security personnel. The ending fund balance will be used for those purposes. The building fund revenue and expenditure budgets are revised during the fiscal year based on the actual revenue receipts and other unanticipated increases or decreases in revenue or expenditures. The revenue and expenditure budget were 31

Union Public Schools Management's Discussion and Analysis increased due to the anticipation of one-time funds from the City of Tulsa for a community health center. The sinking (debt service) fund had a total fund balance of $14,481,229, all of which was restricted for the payment of debt service. The net decrease in fund balance during the current year in the debt service fund was $727,085. Millage rates for sinking fund levies are not controlled by the district but are set annually by the Tulsa County Excise Board after a thorough review of property valuations and the districtâ&#x20AC;&#x2122;s debt service needs. The bond fund had a total fund balance of $37,888,038, all of which was restricted for capital projects. The net increase in fund balance during the current year in the bond fund was $890,523. This increase in fund balance is primarily due to the passage of a larger bond issue in the prior year, and reduced capital outlay expenditures. On February 13, 2018 district voters approved a $128.6 million, 5 year, bond proposal to be issued over five years from 2018-2022 which included funds for: site improvements; acquisition of textbooks, media books and instructional hardware/software, and acquiring transportation equipment. Because of its strong patron support base, the district is prudent to keep bonded capacity at traditional levels while not imposing an undue tax burden on the community. More information regarding bond funds and millage levies may be found in the Statistical Section. Statutory requirements dictate that bond funds be used for the voter-approved purposes of acquiring school sites, constructing and equipping new school facilities and renovating existing facilities. The child nutrition fund is included as a Non-Major Governmental fund. This program had operating revenues of $11,059,447, and expenses of $10,679,781 for the fiscal year 2019. The increase in Child Nutrition expenditures reflects an increase in the cost of food, as well as a concerted effort to provide more healthy food options for students. The Child Nutrition fund ended the year in a positive financial condition. Management has reviewed this program and, barring any unforeseen circumstances, the Child Nutrition program should remain stable and require no support from tax revenues. General Fund Budgetary Highlights Union Public School District adopts an annual appropriated budget for its general fund. The districtâ&#x20AC;&#x2122;s budget is prepared according to Oklahoma law and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significantly budgeted fund is the general fund. For the general fund, budget basis revenue was $120,969,258 with original budget estimates of $119,627,337 and final budget estimates of $119,703,525.00. The majority of the revenue variance came from higher than anticipated local source collections and state revenue sources (state aid, flexible benefit allowance, and property tax (ad valorem collections)) as well as federal sources. The final expenditure budget was intentionally approved to be larger than needed in order to provide the necessary spending authority to the district by the Board to meet the State of Oklahoma spending requirements. The district must have sufficient budget spending authority to allow for any unanticipated revenues that might be collected during the last thirty calendar days of the fiscal year. During 2018-19, the majority of the additional spending authority was allocated to the instructional, student support, and instructional staff function areas. Although the revenue collections were higher than the final revenue budget, spending was curtailed making it unnecessary to revise the budget in order to stay within the carryover limit required by the Board. Union carried forward a budgetary ending fund balance of 13.98 percent.

Union Public Schools Management's Discussion and Analysis Capital Assets and Debt Administration Capital Assets: At the end of fiscal year 2019, the district had $190,988,057 in property, plant and equipment (net of depreciation), Table 3 shows a comparison of fiscal years 2018 and 2019 balances.

Table 3 Capital Assets (Net of Depreciation) Governmental Activities 2019 2018 $ 14,293,205 $ 14,293,205 6,520,254 6,789,798 15,689,004 11,470,232 149,867,915 149,422,193

Land Land improvements Construction in progress Buildings/improvements Furniture, machinery, equipment and vehicles Total

4,617,679 $ 190,988,057

3,487,393 $ 185,462,821

Capital assets of $405,171,489 exceeded depreciation of $214,183,432. As a growing school district, Union is committed to provide the facilities and tools that enable district staff to produce a quality product. Union’s student population continues to exceed 15,750. The acquisition of capital assets is critical to the Board’s desire to provide lower class sizes district-wide, technology-related instructional opportunities, and neighborhood elementary schools. Bond issue dollars are the only resource available to schools to purchase many of these capital assets since state funding goes almost exclusively to pay teacher and staff salaries. Recent bond issue projects include: 

Ellen Ochoa Elementary Phase 2



Furniture, fixtures and equipment



Electronic software/subscriptions/licenses/maintenance



Land/Building purchase/remodel



Acquisition of textbooks and technology



Acquisition of athletic, spirit and fine arts uniforms and equipment



Renovations and repairs to various school sites



Transportation acquisitions

Additional information on the district’s capital assets may be found in Note C to the financial statements beginning on page 56.

Union Public Schools Management's Discussion and Analysis Long-Term Debt: At June 30, 2019, the school district had $87,250,000 in bonds outstanding, $25,750,000 due within one year. Table 4 summarizes bonds outstanding for fiscal years 2019 and 2018. Table 4 Outstanding Debt, at Year End Governmental Activities 2019 2018 General obligation bonds due: 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Total

25,750,000 25,125,000 18,375,000 11,875,000 6,125,000 $ 87,250,000

$ 25,250,000 25,750,000 19,000,000 12,250,000 5,750,000 $ 88,000,000

On April 1, 2019, the district issued $24.5 million in voted general obligation bonds for the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment, acquiring and improving school sites, and acquiring transportation equipment. The final payment is due April 1, 2024. On April 1, 2018, the district issued $23 million in voted general obligation bonds for the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment, acquiring and improving school sites, and acquiring transportation equipment. The final payment is due April 1, 2023. On April 1, 2017, the district issued $26 million in voted general obligation bonds for the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment, acquiring and improving school sites, and acquiring transportation equipment. The final payment is due April 1, 2022. On April 1, 2016, the district issued $27 million in voted general obligation bonds for the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment, acquiring and improving school sites, and acquiring transportation equipment. The final payment is due April 1, 2021. On April 1, 2015, the district issued $27 million in voted combined purpose bonds for the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment, acquiring and improving school sites, and acquiring transportation equipment. The final payment is due April 1, 2020. Additional information on the districtâ&#x20AC;&#x2122;s long-term debt can be found in Note D to the financial statements beginning on page of this report.

Union Public Schools Management's Discussion and Analysis Economic Factors Fiscal year 2018-19 saw an upward trend in the Oklahoma State General Fund Revenue allocations. According to the Office of the State Treasurer, gross revenue receipts for fiscal year 2018-19 were up to $13.6 billion, a 11.7 percent or $1.4 billion increase from the prior year. Gross production tax collections on oil and natural gas were up by $453.2 million or 64.7 percent from the previous 12 month period. Net income taxes--a combination of corporate and personal income taxes were up by $9.4 million or 2.4 percent from the previous year. Motor vehicle tax collections were up $15.8 million or 2.1 percent from the previous fiscal year, and other state revenue sources generated $2.2 billion, up $407.6 million or 23.1 percent from the previous fiscal year. Oklahoma’s economy is indicating ongoing growth. Revenue generated by increased tax rates enacted during the year added $42.9 million to monthly collections. The largest increase in revenue, $21.3 million, came for the increase in the incentive tax rate on oil and natural gas gross production. Higher tax rates on gasoline and diesel fuel generated $7.4 million, and the $1 per pack hike in cigarette taxes added $14.2 million to the June total. The district strives to maintain a conservative budget and the tradition of maintaining a strong year-end fund balance. The district expects student growth to continue steady or increase both at the elementary and secondary level, and anticipates this growth by purchasing additional land and facilities to accommodate the increase in students. This new elementary site will precipitate adding teachers and programs over the next few years as state and federal funding sources continue to improve. The county assessor provided Union with projections of growth in the district’s net assessed valuation. Actual growth was recorded at 3.28 percent in 2018-19. The actual increase in the district’s net assessed valuation for 2019-2020 is 2.65 percent. The expected increase in student enrollment and business and residential growth in the district should provide additional future revenue. By working to provide mutual benefit to the community and schools, Union continued its history of positive citizen support. The district’s patron base once again passed a bond issue on February 13, 2018, for $128.6 million to be issued over five years from 2018-2022. These bond dollars provided the necessary funding for facilities, renovations, technology, textbooks, instructional equipment and uniforms. These annual bond dollars and strong patron support allow Union the opportunity and obligation to maintain facilities and to maximize the use of instructional technology and equipment. State law limits a school district’s bonding capacity to ten percent of its net assessed valuation. Based on these factors, the Board of Education and administration are confident that with ongoing, prudent fiscal management, Union Public Schools can continue to make instruction the top budgetary priority to ensure the district keeps its academic focus and delivers its services more efficiently and effectively. Union continues to attract families who want excellent learning opportunities for their children, and also continues to attract the best in faculty and staff by providing the facilities and tools that enable them to produce a quality product. Contacting the School District's Financial Management This financial report is designed to provide our citizen’s, taxpayers, investors, and creditors with a general overview of the district’s finances to show the district’s accountability for the funds it receives. If you have questions about this report or need additional financial information, contact Patricia Williams, Chief Financial Officer, at Union Public Schools, 8506 East 61st Street, Tulsa, Oklahoma 74133.

COMPREHENSIVE ANNUAL FINANCIAL REPORT Basic Financial Statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Government‐Wide Financial Statements

Union Public Schools STATEMENT OF NET POSITION June 30, 2019 Governmental Activities ASSETS CURRENT ASSETS Cash and cash equivalents Investments Receivables: Property taxes-delinquent, net Property taxes-subsequent year, net Due from other governments Accrued interest Other resources Inventories TOTAL CURRENT ASSETS

66,565,803 52,216,305 1,135,358 62,878,590 3,459,392 497,119 182,219 1,497,695 188,432,481

NONCURRENT ASSETS Land and construction in progress Capital assets being depreciated, net TOTAL NONCURRENT ASSETS

29,982,209 161,005,848 190,988,057

TOTAL ASSETS

379,420,538

DEFERRED OUTFLOWS OF RESOURCES Deferred pension plan outflows Deferred OPEB outflows TOTAL DEFERRED OUTFLOWS OF RESOURCES

18,215,709 394,452 18,610,161

LIABILITIES CURRENT LIABILITIES Accounts payable Liability for incurred claims Accrued wages payable Accrued interest payable Current portion of long-term obligations TOTAL CURRENT LIABILITIES

1,338,183 1,960,958 8,813,033 482,109 28,596,735 41,191,018

NON-CURRENT LIABILITIES Non-current portion of long-term obligations Total OPEB liability Net pension liability TOTAL NON-CURRENT LIABILITIES

66,005,296 6,188,870 87,991,074 160,185,240

TOTAL LIABILITIES

201,376,258

DEFERRED INFLOWS OF RESOURCES Property taxes - subsequent year Deferred OPEB inflows Deferred pension plan inflows TOTAL DEFERRED INFLOWS OF RESOURCES

62,878,590 622,100 14,454,621 77,955,311

NET POSITION Net investment in capital assets Restricted for debt service Restricted for capital projects Restricted for other purposes Unrestricted (deficit)

140,417,926 14,534,933 15,779,679 7,076,687 (59,110,095)

TOTAL NET POSITION

See notes to basic financial statements

118,699,130

Union Public Schools STATEMENT OF ACTIVITIES Year Ended June 30, 2019

Expenses GOVERNMENTAL ACTIVITIES Instruction: Regular instruction Special education instruction Vocational education Other instruction TOTAL INSTRUCTION SUPPORT SERVICES Pupil services Instructional staff services General administration services School administration services Business services Operations and maintenance services Pupil transportation services Other support services Child nutrition operations Community services Interest on long-term debt TOTAL SUPPORT SERVICES TOTAL GOVERNMENTAL ACTIVITIES

60,175,239 $ 8,207,485 816,876 9,905,669 79,105,269 9,847,137 6,346,932 2,665,156 9,534,072 9,666,700 24,098,794 8,386,266 97,718 12,039,091 991,638 1,464,143 85,137,647

$ 164,242,916 $

GENERAL REVENUES: Taxes: Property taxes, levied for general purpose Property taxes, levied for debt service Intermediate county taxes State aid not restricted to specific program Earnings on investments Other

Program Revenues Charges Operating for Grants and Services Contributions

464,504 $ 43,520 508,024

Net (Expenses) Revenues and Changes in Net Position Primary Government Governmental Activities

6,783,921 $ (52,926,814) 3,985,010 (4,222,475) 269,832 (547,044) 8,120,492 (1,741,657) 19,159,255 (59,437,990)

536,022 180,931 2,316,522 1,714,689 4,748,164

1,166,879 1,160,527 1,166,644 61,968 856,060 1,063,085 425,496 9,293,601 9,408,177 24,602,437

(8,680,258) (5,186,405) (1,498,512) (9,472,104) (8,810,640) (22,499,687) (7,779,839) (97,718) (428,968) 10,131,228 (1,464,143) (55,787,046)

5,256,188 $

43,761,692 $ (115,225,036)

39,042,521 25,899,398 8,160,672 57,475,589 2,169,978 1,230,680 133,978,838

TOTAL GENERAL REVENUES CHANGE IN NET POSITION

18,753,802

BEGINNING NET POSITION

99,945,328 $ 118,699,130

NET POSITION AT END OF YEAR

See notes to basic financial statements 37

COMPREHENSIVE ANNUAL FINANCIAL REPORT Fund Financial Statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Governmental Fund Financial Statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Governmental Fund Financial Statements Governmental funds are used to account for all or most of a government’s general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general capital assets (capital projects), and the servicing of general long‐term debt (debt service funds). The District reports the following major governmental funds: General Fund ‐ The general fund is used to account for all transactions except those required to be accounted for in another fund. Major revenue sources include local property taxes, state funding, and federal grants. Building Fund: The District's building fund is a special revenue fund and consists of monies derived from property taxes levied for the purpose of erecting, remodeling, or repairing buildings and furniture and equipment purchases. Bond Fund: The District’s bond fund is a capital project fund and is used to account for the proceeds of bond sales to be used exclusively for acquiring school sites, constructing and equipping new school facilities, renovating existing facilities, and acquiring transportation equipment. This fund is also utilized to acquire books and other non‐capitalizable items. Sinking Fund: The District’s sinking fund is a debt service fund and is used to account for the accumulation of financial resources for the payment of general long‐term debt principal, interest and related costs. The primary revenue sources are local property taxes levied specifically for debt service and interest earnings from temporary investments. Other Governmental Funds: The aggregate of all of the non‐major governmental funds (Child Nutrition and Gift funds).

Union Public Schools BALANCE SHEET - GOVERNMENTAL FUNDS JUNE 30, 2019 Major Funds General Fund Building Fund ASSETS Cash and cash equivalents Investments Due from other funds Property taxes receivable-delinquent, net Property taxes receivable-subsequent year, net Due from other governments Other receivables Accrued interest Inventories TOTAL ASSETS

$ 15,981,472 18,887,150 211,187 509,786 31,334,990 3,238,688 179,066 177,820 374,316 70,894,475

Bond Fund

8,737,840 7,755,318 89,758

$ 23,267,187 14,952,450 -

4,476,427 16,819 60,496 21,136,658

180,663 38,400,300

Sinking Fund

Total Non-major Total Governmental Governmental Funds Funds

4,382,191 9,927,810 535,814

6,362,407 $ 58,731,097 693,577 52,216,305 211,187 1,135,358

27,067,173 100,154 71,074 42,084,216

103,731 3,153 7,068 1,123,378 8,293,314

62,878,590 3,459,392 182,219 497,121 1,497,694 180,808,963

LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts payable Wages payable Due to other funds TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES

228,136 8,118,739 2,000,000

215,130 405,422 260,000

512,262 -

3,105 278,565 201,187

958,633 8,802,726 2,461,187

10,346,875

880,552

512,262

482,857

12,222,546

DEFERRED INFLOWS OF RESOURCES

31,844,776

4,566,185

27,602,987

64,013,948

FUND BALANCES Nonspendable Restricted Assigned Unassigned TOTAL FUND BALANCES

374,316 661,362 5,143,824 22,523,322 28,702,824

15,689,921 15,689,921

37,888,038 37,888,038

14,481,229 14,481,229

1,123,378 6,687,079 7,810,457

1,497,694 75,407,629 5,143,824 22,523,322 104,572,469

$ 70,894,475

$ 21,136,658

$ 38,400,300

$ 42,084,216

TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES

See notes to basic financial statements

8,293,314 $180,808,963

Union Public Schools RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2019 $ 104,572,469

TOTAL FUND BALANCES-GOVERNMENTAL FUNDS AMOUNTS REPORTED FOR GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION ARE DIFFERENT BECAUSE: Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in governmental funds. Cost of assets Accumulated depreciation

405,171,489 (214,183,432)

190,988,057

Certain long-term assets are not available to pay for current period expenditures and, therefore, are not reported in the governmental funds. Property taxes receivable-delinquent Long-term liabilities and deferred inflows of resources are not due and payable in the current period and, therefore, are not reported in the governmental funds Bonds payable Premium on debt issuance Accrued interest on bonds Early retirement incentive Net pension liability Compensated absences Total OPEB liability Pension and OPEB related deferred outflows of resources and deferred inflows of resources are not due and payable in the current year and, therefore, are not reported in the governmental funds as follows: Deferred OPEB outflows Deferred pension outflows Deferred OPEB inflows Deferred pension inflows

1,135,358

(87,250,000) (1,208,169) (482,109) (1,535,140) (87,991,074) (4,608,723) (6,188,870) (189,264,085)

394,452 18,215,709 (622,100) (14,454,621)

(3,533,440)

Internal service funds are used by the District to change the costs of health insurance benefits and short-term disability benefits for the employees of the District to the individual funds. The assets and liabilities of the internal service funds are included with governmental activities. TOTAL NET POSITION - GOVERNMENTAL ACTIVITIES

See notes to basic financial statements

7,733,891 $

118,699,130

Union Public Schools STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS Year Ended June 30, 2019 Major Funds

REVENUES Local sources Intermediate sources State sources Federal sources

General Fund

Building Fund

$ 38,852,577 4,341,463 69,153,199 9,580,918 121,928,157

$ 12,726,318 12,726,318

67,916,254 9,340,565 5,250,939 2,486,555 9,145,501 8,075,659 9,272,588 4,588,863

Bond Fund 614,514 614,514

$ 26,202,463 26,202,463

6,244,723 -

5,047,027 145,557 788,817 99,258 37,455 1,487,820 1,586,639 2,686,070

897,281 3,456,293 92,361 -

2,639,890

120,522,859

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Issuance of debt Premiums on issuance of debt Transfers in Transfers out TOTAL OTHER FINANCING SOURCES (USES) NET CHANGE IN FUND BALANCE

TOTAL REVENUES

EXPENDITURES Current Instruction Student Instructional staff General administration School administration Business Operations and maintenance Student transportation Non-Instruction Expenditures Child nutrition operations Community service operations Other Capital outlay Debt service Principal Interest TOTAL EXPENDITURES

FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR

See notes to basic financial statements

Total Governmental Funds

2,469,445 68,357 8,569,305 11,107,107

$ 80,865,317 4,341,463 69,221,556 18,150,223 172,578,559

24,653 2,925 8,218 8,816 -

72,987,934 9,489,047 6,047,974 2,585,813 9,182,956 9,563,479 17,112,766 7,274,933

10,615 70,792 11,866,661

10,674,829 4,139 4,950 6,722

11,582,725 3,531,224 97,311 14,513,273

8,884,613

23,826,711

25,250,000 1,848,437 27,098,437

10,735,252

25,250,000 1,848,437 191,067,872

1,405,298

3,841,705

(23,212,197)

(895,974)

371,855

(18,489,313)

243,201 (59,619) 183,582 1,588,880

435,272 435,272 4,276,977

24,500,000 (397,280) 24,102,720 890,523

412,090 (243,201) 168,889 (727,085)

21,628 21,628 393,483

24,500,000 412,090 700,101 (700,100) 24,912,091 6,422,778

27,113,944

11,412,944

36,997,515

15,208,314

$ 28,702,824

$ 15,689,921

$ 37,888,038

$ 14,481,229

Sinking Fund

Total Non-major Governmental Funds

7,416,974

98,149,691

7,810,457

$104,572,469

Union Public Schools RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Year Ended June 30, 2019 $

TOTAL NET CHANGE IN FUND BALANCES-GOVERNMENTAL FUNDS

6,422,778

AMOUNTS REPORTED FOR GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES ARE DIFFERENT BECAUSE: Capital outlays to purchase or build capital assets are reported in governmental funds as expenditures. However, for governmental activities, those costs are shown in the statement of net position and are allocated over their estimated useful lives as annual depreciation expenses in the statement of activities. This is the amount by which depreciation is less than capital outlays in the period. Depreciation Expense Capital asset additions Loss on sale of assets

(13,541,804) 19,052,571 14,469

5,525,236

Repayment of bond principal is an expenditure in the governmental funds, but it reduces long-term liabilities in the statement of net position and does not affect the statement of activities. Proceeds from the sale of new bonds is revenue in the governmental funds, but increases long-term liabilities in the statement of net position and does not affect the statement of activities. Principal payments Premium on issuance of bonds Amortization of bond premium Bond sale proceeds

25,250,000 (412,090) 404,295 (24,500,000)

742,205

Because some property taxes will not be collected for several months after the District's fiscal year ends, they are not considered as "available" revenues in the governmental funds, instead, they are considered as deferred inflows of revenue. They are, however, recorded as revenue in the statement of activities.

283,160

Internal service funds are used by the District to charge the costs of health insurance benefits and short-term disability benefits for the employees of the District to the individual funds. The changes in net position of the internal service fund are included with governmental activities.

573,864

Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recorded as an expenditure in the funds when it is due, and, thus, requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due.

(20,000)

Some expenses (arbitrage, compensated absences, early retirement incentives, and other post employment benefits) reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Pension expense Other postemployment benefit expense Compensated absences expense Early retirement incentive expense

5,226,559 $

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES

See notes to basic financial statements

4,696,970 320,744 (254,304) 463,149

18,753,802

COMPREHENSIVE ANNUAL FINANCIAL REPORT Proprietary Fund Financial Statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Proprietary Fund Financial Statements Proprietary Fund ‐ The Proprietary fund is used to account for activities similar to those found in the private sector. The district has one proprietary fund, the Internal Service Fund. The Internal Service Fund is used to provide goods and services by one department to other departments of the District on a cost reimbursement basis. Union Public Schools has a self‐insured medical and dental plan for employees and retirees. This is presented as the Employee Insurance Fund.

Union Public Schools STATEMENT OF NET POSITION - PROPRIETARY FUNDS June 30, 2019

Governmental ActivitiesInternal Service Funds: Employee Insurance Fund ASSETS Current assets Cash and cash equivalents Due from other funds

$ TOTAL ASSETS

7,834,706 2,250,000 10,084,706

TOTAL LIABILITIES

379,550 1,960,958 10,307 2,350,815

LIABILITIES Current liabilities Accounts payable Liability for incurred claims Wages payable

NET POSITION Unrestricted TOTAL NET POSITION

See notes to basic financial statements

7,733,891 7,733,891

Union Public Schools STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS Year Ended June 30, 2019

Governmental ActivitiesInternal Service Funds: Employee Insurance Fund Operating Revenues: Local sources Insurance charges for services Other income

$ TOTAL OPERATING REVENUES

7,500 19,942,897 120 19,950,517

TOTAL OPERATING EXPENSES

250,156 2,371,105 7,257 16,810,026 19,438,544

OPERATING INCOME (LOSS)

511,973

CHANGES IN NET POSITION

61,891 573,864

Operating Expenses: Salary and wages Management fees Other operating expenses Medical claims

NONOPERATING REVENUES Net income on investments

7,160,027

NET POSITION AT BEGINNING OF YEAR

NET POSITION AT END OF YEAR

See notes to basic financial statements

7,733,891

Union Public Schools STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Year Ended June 30, 2019 Governmental Activities Internal Service Funds CASH FROM OPERATING ACTIVITIES: Receipts from user charges Cash reciepts from contributions Cash receipts from other income Cash payments for insurance claims Cash payments to suppliers for goods and services Cash payments to employees for services CASH FROM INVESTING ACTIVITIES: Investment income Purchases of investments

$ 19,767,897 7,500 120 (16,087,413) (2,371,105) (249,354) NET CASH PROVIDED BY OPERATING ACTIVITIES 1,067,645

NET CASH PROVIDED BY INVESTING ACTIVITIES NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

66,460 396,146 462,606 1,530,251 6,304,455

CASH AND CASH EQUIVALENTS AT END OF YEAR

$ 7,834,706

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating income(loss) 511,973 Changes in assets and liabilities: Accrued wages payable 803 Due from other funds (175,000) Liability for incurred claims 350,319 Accounts payable 379,550 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 1,067,645

See notes to basic financial statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiduciary Fund Financial Statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiduciary Fund Financial Statements Fiduciary Fund ‐ The Fiduciary fund is not reflected in the government‐wide financial statement because the resources of those funds are not available to support the district’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The district has one fiduciary fund, the School Activity Agency Fund which accounts for funds held in trust by the District as collected from students to be used for student activities.

Union Public Schools STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES June 30, 2019

Agency Fund Assets Cash and cash equivalents Investments Accrued interest Other receivables

TOTAL ASSETS

1,575,416 996,970 8,586 11,594 2,592,566

TOTAL LIABILITIES

7,588 27,821 2,557,157 2,592,566

LIABILITIES Accounts payable Wages payable Due to student groups

See notes to basic financial statements

COMPREHENSIVE ANNUAL FINANCIAL REPORT Notes to Basic Financial Statements

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The financial statements of the Union Public Schools Independent District No. 9 (the “District”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as applied to government units as promulgated by the Governmental Accounting Standards Board (“GASB”), the accepted standard-setting body for governmental accounting and financial reporting principles. The more significant of the District’s accounting policies are described below. Reporting Entity: The District is a corporate body for public purposes created under Title 70 of the Oklahoma statutes and, accordingly, is a separate entity for operating and financial reporting purposes. The District is part of the public school system of Oklahoma under the general direction and control of the State Board of Education. The general operating authority for the public school system is the Oklahoma School Code contained in Title 70, Oklahoma statutes. The District is a primary government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governements. As required by GAAP, the basic financial statements present the reporting entity which consists of the primary government, organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion could cause the District’s basic financial statements to be misleading. The District has not identified any component units that should be included in the District’s reporting entity. The governing body of the District is its Board of Education composed of five elected members. The appointed superintendent is the executive officer of the District. Basic Financial Statements: The government-wide financial statements (i.e. the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these statements. Interfund services provided and used are not eliminated. Governmental activities are normally supported by taxes and intergovernmental revenues. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Indirect expenses of other functions are not allocated to those functions but are reported separately in the statement of activities. Depreciation expense is specifically identified by function and is included in the direct expenses to each function. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. Governmental Funds: Governmental funds are used to account for all or most of a government’s general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general capital assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The District reports the following major governmental funds:

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Fund The general fund is used to account for all financial transactions except those required to be accounted for in another fund. Major revenue sources include local property taxes and state funding under the Foundation and Incentive Aid Program. Expenditures include all costs associated with the daily operations of the schools except for programs funded for building repairs and maintenance, school construction, and debt service on bonds and other long-term debt. The general fund also includes expenditures for workers’ compensation and general insurance claims, and compensated absences incurred by the District. Building Fund The District's building fund is a special revenue fund and consists of monies derived from property taxes levied for the purpose of erecting, remodeling, or repairing buildings and for purchasing furniture and equipment. Bond Fund The District’s bond fund is a capital project fund and is used to account for the proceeds of bond sales to be used exclusively for acquiring school sites, constructing and equipping new school facilities, renovating existing facilities, and acquiring transportation equipment. This fund is also utilized to acquire books and other non-capitalizable items. Sinking Fund The District’s sinking fund is a debt service fund and is used to account for the accumulation of financial resources for the payment of general long-term debt principal, interest and related costs. The primary revenue sources are local property taxes levied specifically for debt service and interest earnings from temporary investments. The District reports the following non-major governmental funds: Child Nutrition Fund The District’s child nutrition fund is a special revenue fund and is used to account for the operations of the child nutrition programs. In addition to meal ticket sales, revenue sources include federal and state grants for free and reduced meals. Gift Fund The District's gift fund is a special revenue fund and is used to account for donations received for the benefit of specified individuals associated with the District. Proprietary Funds: Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties or to other departments or agencies primarily within the District (internal service funds). Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services in connection with a proprietary fund’s principal ongoing operations. Operating expenses for the internal service funds include the cost of services and administrative expenses. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. The District reports the following proprietary fund: Internal Service Fund: Employee Insurance Fund The Employee Insurance Fund is an internal service fund used to account for the accumulation, recording and disbursing of District and participant contributions to the District’s self-insured medical, dental, and short-term disability programs. Fiduciary Funds: Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of employees or other funds within the District. When these assets are held under the terms of a formal trust agreement, a pension trust fund, an investment trust fund or a private-purpose trust fund is used. Agency funds generally are used to account for assets that the District holds on behalf of others as their agent and do not involve measurement of results of operations. The District’s fiduciary funds have been excluded from the government-wide financial statements. The District reports the following fiduciary fund:

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Agency Fund The Agency Fund consists of the School Activities fund. The School Activities fund is used to account for monies collected principally through fundraising efforts of the students and District sponsored groups. The administration is responsible, under the authority of the Board, for collecting, disbursing and accounting for these activity funds. Basis of Accounting and Measurement Focus: The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. The economic resources measurement focus is not applicable to the agency funds and therefore have no measurement focus. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Agency funds are reported in fiduciary fund financial statements and apply the accrual basis of accounting but do not have a measurement focus. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. Specifically, property taxes are considered available if they are collected within 60 days of the end of the current fiscal period, and all other revenues are considered to be available if they are collected within 90 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, the early retirement incentive plan, pensions, and the other post retirement plan are recorded only when the payment is due. Property taxes, interest and amounts due from other governments associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. Budgets and Budgetary Accounting: The District is required by state law to prepare an annual budget. A temporary appropriations budget is apporved by the Board of Education in March for the fiscal year beginning July 1, allowing the District to legally expend funds. If Board approves a more detailed operational budget and the Estimate of Needs in September following the start of the new fiscal year after more accurate revenue estimates are received. The Estimate of Needs is filed with the Tulsa County Clerk before September 30 as the Districts legal maximum budget. Amendments can be filed throughout the fiscal year if substantial changes are made. A budget is legally adopted by the Board of Education for the general fund, building fund, and child nutrition fund that includes revenues and expenditures. These budgets are prepared on a cash basis for revenues and principally on the modified cash basis for expenditures. Budgetary control is maintained by fund, function, and activity and budgeted expenditures may not exceed appropriation at the fund level. Amendments may be made to the budget without approval by the governing body at the function and activity levels. Fund level budgetary amendments require approval of the governing body. In addition, encumbrance accounting is employed. Under this system, purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. At the end of the year, encumbered appropriations for which goods and/or services have not been received lapse. At the beginning of the next year, prior year encumbrances are reviewed and some are reestablished. There were no material encumbrances which lapsed at June 30, 2019, and were reinstated during fiscal year 2020, for the general fund or child nutrition fund. The building fund had $7.5 million in encumbrances reinstated for the construction of a health clinic on the Ochoa Elementary grounds.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Assets, Liabilities, Deferred Outflows and Inflows of Resources, and Net Position Cash and Cash Equivalents: For purposes of the statement of cash flows, the District considers all cash on hand, demand deposits and highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Investments: Investments are stated at fair value. Securities traded on a national or international exchange are valued at the last reported sales price, at current exchange rates. If quoted market prices are not available, fair value is estimated based on the estimated fair values provided by brokerage statements. A net change in fair value of investments is recognized and reported as a change in investment income in the financial statements for the year ended. Non-negotiable certificates of deposit with redemption terms that do not consider market rates are recorded at amortized cost. Negotiable certificates of deposit that have a remaining maturity at the time of purchase of one year or less are also recorded at amortized cost, provided that the fair value of those investments is not significantly affected by the impairment of the credit standing of the issuer or by other factors. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement, not an entity specific measurement. For some assets and liabilities, observable market transactions or market information might be available; for others, it might not be available. However, the objective of a fair value measurement in both cases is the same-that is, to determine the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Fair value is an exit price at the measurement date from the perspective of a market participant that controls the asset or is obligated for the liability. The District's investments are categorized by the fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The District has the following recurring fair value measurements as of June 30, 2019: U.S. T-Bills with a fair value of approximately $53,213,000 are valued using Level 1 inputs. Property Tax Revenues and Receivables: The District is authorized by state law to levy property taxes which consist of ad valorem taxes on real and personal property within the District. The county assessor performs an assessment of the valuation of non-exempt real property as of January 1, the â&#x20AC;&#x153;lienâ&#x20AC;? date. The county assessor, upon receipt of the certification of tax levies from the county excise board, extends the tax levies on the tax roll for submission to the county treasurer prior to October 1. The county treasurer must commence tax collection within fifteen days of receipt of the tax rolls. The first half of taxes is due prior to January 1 after the lien date. The second half is due prior to April 1. If the first payment is not made timely, the entire tax becomes due and payable on January 2. The second half of the taxes becomes delinquent on April 1 of the year following the year of assessment. If not paid by the following October 1, the property is offered for sale for the amount of taxes due. The purchaser is issued a certificate of ownership; the original owner has two years to redeem the property by paying the taxes and penalty owed. If at the end of two years the original owner has not done so, the purchaser is issued a deed to the property.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Assets, Liabilities, Deferred Outflows and Inflows of Resources, and Net Position Property tax receivables are recorded on the lien date, although the related revenue is reported as a deferred inflow of resources and will not be recognized as revenue until the year for which it is levied. Delinquent property taxes, which are not collected within the availability period, 60 days of the year end, are recorded in the governmental fund financial statements as deferred inflows of resources. An allowance for uncollectible property taxes is calculated based on historical collection data. At June 30, 2019, an allowance of approximately $462,000, $81,000 and $486,000 was reported in the general fund, building fund and sinking fund, respectively. Inventories: Inventories in the governmental funds are carried at cost, using the first-in, first-out method, and are recorded as expenditures when consumed on the fund financial statements and as expenses when consumed on the government-wide financial statements. Inventories include fuel, instructional, janitorial, medical, and food service supplies. Cost of donated federal surplus commodities is based on values established by the federal government at the time of donation. Inventories at June 30, 2019 consist of the following: Governmental activities: Instructional Janitorial Transport Medical Food service Total governmental activities

35,301 308,133 27,715 3,168 1,123,378 $ 1,497,695

Capital Assets: All purchased capital assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist, net of accumulated depreciation. Donated capital assets are valued at their estimated acquisition value on the date received. The costs of normal maintenance and repairs that do not add to the value of the assets or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Depreciation of all exhaustible capital assets is charged as an expense against their operations. Depreciation has been provided using the straight-line method over the following estimated useful lives:

Buildings and structures Improvements Equipment and vehicles Furniture and fixtures

Useful Life 10-50 years 10-50 years 5-35 years 5-10 years

$ $ $ $

Threshold 5,000 5,000 5,000 5,000

Compensated Absences: It is the District's policy that vacation is accrued in the current fiscal year to be used in the next fiscal year. If an employee separates employment, the District policy provides payment to the employee. Sick leave may also be accumulated up to 120 days. Upon retirement or severance of employment, the District policy provides payment to eligible employees (i.e. those that have worked for the District ten years or more) for accumulated sick days. The liability has been calculated using the vesting method, in which leave amounts for both employees who currently are eligible to receive separation payments and other employees who are expected to become eligible in the future to receive such payments upon separation are included. The liability for such leave is reported as incurred. A liability for compensated absences attributable to the Districtâ&#x20AC;&#x2122;s governmental funds is recorded in the government-wide financial statements. This liability is intended to accommodate these payments. A liability for compensated absences is recorded in the governmental funds only if the liability has matured as a result

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Assets, Liabilities, Deferred Outflows and Inflows of Resources, and Net Position of employee resignations or retirements. Wages Payables: Salaries, wages, and benefits that have been earned but not paid as of the end of the fiscal year are reported as a liability on the fund balance sheet and statement of net position. The District has three different types of contracts (9/10, 11 and 12 month). Nine/ten and eleven month contract employees are paid prior to fiscal year end for services rendered during the year. Twelve month contract employees render services prior to the end of the fiscal year, but do not receive payment until after the end of the fiscal year. The total gross amount of salaries, wages, and benefits associated with these services is reported as a liability. Long-Term Debt: Long-term liabilities are recognized as a liability of the applicable governmental activities or proprietary fund type in the statement of net position. Bond Premiums and Discounts: In the governmental funds, bond premiums and discounts are treated as other financing sources (uses) in the year of issuance. In the government-wide financial statements, bond premiums and discounts are capitalized and amortized over the term of the bonds using the straight-line method, which is not materially different from the effective interest method. With the straight-line method, the unamortized portion of the bond premiums and discounts are presented as additions and reductions of the face amount of the bonds payable. Debt issuance costs are recorded as an expense/expenditure in the period incurred. Interfund Receivables, Payables and Transfers: Amounts owed between funds which are due within one year are reported as due from/due to other funds. Amounts reported in the fund financial statements as due from/due to other funds are eliminated in the entity-wide governmental statement of net position. Transfers within governmental activities are eliminated. Interfund receivables and payables at June 30, 2019 represent amounts owed to the internal service fund for insurance programs and amounts necessary to subsidize the early retirement incentive liability. The composition of interfund receivables and payables as of June 30, 2019, are as follows: Receivable Fund General General Internal Service Internal Service Internal Service

Payable Fund Building $ Child Nutrition General Building Child Nutrition $

Amount 135,000 76,187 2,000,000 125,000 125,000 2,461,187

Interfund transfers, which represent transfers of interest earnings during the year ended June 30, 2019, were as follows: Transfer Out General Fund Bond Fund Sinking Fund

General Fund $ 243,201

Total

Transfer in Building Child Fund Nutrition $ 37,991 $ 21,628 397,281 -

243,201 $

435,272 $

21,628

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Assets, Liabilities, Deferred Outflows and Inflows of Resources, and Net Position Pensions: The net pension liability, deferred inflows and outflows of resources related to pensions, 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, 2019, 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, 2019, 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. 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 $37,888,038.



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. The restricted net position for other purposes is made up of the following: child nutrition fund $4,964,079; gift fund $105,992; and state and federal carryover $2,006,616.



Unrestricted Net Position: This consists of net position that does not meet the definition of restricted net position or net investment in capital assets.

It is the District’s policy to first use restricted net position prior to the use of unrestricted net position when an expense is incurred for purposes for which both restricted and unrestricted net position are available. Fund Balance: Governmental fund equity is classified as fund balance. Fund balance is further classified as nonspendable, restricted, committed, assigned, and unassigned. These classifications are defined as:

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Nonspendable Fund Balance: The nonspendable fund balance classification includes amounts that cannot be spent because they are either a) not in spendable form or b) legally or contractually required to be maintained intact. This would include items not expected to be converted to cash including inventories and prepaid amounts.



Restricted Fund Balance: The restricted fund balance classification should be reported when constraints placed on the use of resources are either a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or b) imposed by law through constitutional provisions or enabling legislation.



Committed Fund Balance: The committed fund balance classification reflects specific purposes pursuant to constraints imposed by formal action of the District’s highest level of decision-making authority. Also, such constraints can only be removed or changed by the same form of formal action. For purposes of committed fund balance, the District’s Board of Education is considered to be its highest level of decision-making. A motion to set aside funds as committed fund balance requires the approval by the Board of Education by a majority vote of the members of the Board of Education. Such approval must take place prior to the District’s fiscal year-end in order for it to be applicable to the District’s fiscal year-end, although it is permitted for the specific amount of the commitment to be determined after the fiscal year-end if additional information is required in order to determine the exact amount to be committed. The Board of Education has the authority to remove or change the commitment of funds with a majority vote. The District had no committed fund balance at June 30, 2019.



Assigned Fund Balance: The assigned fund balance classification reflects amounts that are constrained by the District’s intent to be used for specific purposes, but meet neither the restricted or committed forms of constraint. Assigned funds cannot cause a deficit in unassigned fund balance. For purposes of assigned fund balance, the District has given authority to its Chief Financial Officer to assign funds for specific purposes as part of the District’s approved ending fund balance policy 3060. Any funds that the Chief Financial Officer assigns for specific purposes must be reported to the Board of Education at its next regular meeting. The assignment of funds shall be recorded in the Board of Education’s official meeting minutes.



Unassigned Fund Balance: The unassigned fund balance classification is the residual classification for the general fund only. It is also where negative residual amounts for all other governmental funds would be reported. Unassigned fund balance essentially consists of excess funds that have not been classified in the other four fund balance categories mentioned above.

It is the District’s policy, Board of Education policy 3060 Ending Fund Balance, to first use restricted fund balance prior to the use of unrestricted fund balance when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance are available. The District’s policy for the use of unrestricted fund balance amounts require that committed amounts would be reduced first, followed by assigned amounts and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following table shows the fund balance classifications as shown on the governmental funds balance sheet as of June 30, 2019: Major Funds General Fund Fund balances: Nonspendable Restricted for: State and federal allocation carryover Capital projects Bonds payments Child nutrition Gifts Assigned for: Compensated absences Early retirement incentive Insurance recovery Unassigned Total fund balances

374,316 $

Building Fund

Bond Fund - $

Non-major Governmental Sinking Fund Funds

- $

Total Governmental Funds

1,123,378 $

1,497,694

661,362 661,362

15,689,921 15,689,921

37,888,038 37,888,038

14,481,229 14,481,229

1,345,253 5,235,834 105,992 6,687,079

2,006,615 53,577,959 14,481,229 5,235,834 105,992 75,407,629

3,335,763 1,203,137 604,924 5,143,824

22,523,322 $ 28,702,824 $ 15,689,921 $ 37,888,038 $ 14,481,229 $

22,523,322 7,810,457 $ 104,572,469

Revenues, Expenses and Expenditures State Revenues: Revenues from state sources for current operations are primarily governed by the state aid formula under the provisions of Article XVIII, Title 70, Oklahoma statutes. The State Board of Education administers the allocation of state aid funds to school districts based on information accumulated from the districts. After review and verification of reports and supporting documentation, the State Department of Education (the â&#x20AC;&#x153;Departmentâ&#x20AC;?) may adjust allocations of money for errors disclosed by review. Normally, such adjustments are treated as reductions or additions of revenue in the year the adjustment was made. The District receives revenue from the state to administer certain categorical educational programs. Board of Education rules require that revenue earmarked for these programs be expended only for the program for which the money is provided and require that the money not expended as of the close of the fiscal year be carried forward into the following year to be expended for the same categorical programs. The Department requires that categorical educational program revenues be accounted for in the general fund. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE B - CASH AND INVESTMENTS Custodial Credit Risk: Custodial credit risk is the risk that in the event of failure of the counterparty, the District will not be able to recover the value of its deposits or investments. Deposits are exposed to custodial credit risk if they are uninsured and uncollateralized. Investment securities are exposed to custodial credit risk if they are uninsured, are not registered in the name of the District, and are held by a counterparty or the counterparty’s trust department but not in the name of the District. The District’s policy requires that all deposits and investments in excess of amounts covered by Federal Deposit Insurance Corporation (FDIC) be fully collateralized by the entity holding the deposits or investments. As of June 30, 2019, all of the Districts deposits and investments were either covered by FDIC or were fully collateralized with securities held by the pledging financial institution's trust department or agent in the District's name. Credit Risk: Fixed-income securities are subject to credit risk. Credit quality rating is one method of assessing the ability of the issuer to meet its obligation. The District’s investment policy requires that, except for United States Treasury securities, the District’s investment portfolio will be diversified to avoid incurring undue concentration in securities of one type. There is no District policy related to limitations on credit rating risk. The investment portfolio consisted of holdings totaling approximately $52 million. Current fair value of $52,216,305 is invested in Treasury Bills with a variable coupon rate of 2.25% to 2.48%. These investments are considered agency securities of the U.S. government and therefore carry the same credit ratings as the government. The credit ratings of the agency securities are Moody's Aaa, Standard and Poor AA+, and Fitch AAA. Interest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The District’s investment policy limits the duration of all investments to a maximum maturity from the date of purchase of sixty months, provided that sufficient liquidity is available to meet the District’s major cash outlays. The District’s investment committee and Board of Education monitor the District’s investment performance on an ongoing basis to limit the District’s interest rate risk. As of June 30, 2019, all of the District’s investments were scheduled to mature within the next year. Investment maturities at June 30, 2019, for the District’s governmental and proprietary funds in the aggregate, are as follows:

Maturity T-Bill

Security

1-5 Years $ 52,216,305

6-10 Years $ -

Total Fair Value $ 52,216,305

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE C - CAPITAL ASSETS A summary of changes in capital assets for the year ended June 30, 2019, follows:

Balance June 30, 2018 Governmental activities Capital assets not being depreciated Land Construction in-progress General government Total capital assets not being depreciated Capital assets being depreciated Land Improvements Building and Building Improvements Machinery, equipment and vehicles Total capital assets being depreciated Less accumulated depreciation for: Land improvements Building and Building Improvements Machinery, equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net Governmental activities capital assets, net

14,293,205 $

Additions

Deductions

- $

11,470,232 25,763,437

14,909,140 14,909,140

12,054,521 297,241,334 53,680,905 362,976,760

5,765 4,137,666 4,143,431

(5,264,722) (147,819,141) (50,193,513) (203,277,376) 159,699,384

(593,040) (9,900,716) (3,048,048) (13,541,804) (9,398,373)

$ 185,462,821 $

5,510,767 $

Depreciation expense was charged to functions of the District as follows:

Governmental Activities Instruction $ 3,674,917 Pupil services 7,128 Instructional services 126,508 General administration 6,193 School administration 30,708 Business services 379,810 Operations and maintenance services 8,063,564 Transportation services 967,071 Community services 3,218 Child nutrition 282,687 $ 13,541,804

Transfers and Adjustments

- $ -

- $

Balance June 30, 2019

14,293,205

(10,690,368) (10,690,368)

15,689,004 29,982,209

(2,649,122) (2,649,122)

317,730 10,346,438 54,043 10,718,211

12,378,016 307,587,772 55,223,492 375,189,280

2,635,748 2,635,748 (13,374)

10,718,211

(5,857,762) (157,719,857) (50,605,813) (214,183,432) 161,005,848

(13,374) $

27,843 $ 190,988,057

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE D -LONG-TERM LIABILITIES State statutes prohibit the District from becoming indebted in an amount exceeding the revenue to be received for any fiscal year without approval by the Districtâ&#x20AC;&#x2122;s voters. Bond issues have been approved by the voters and issued by the District for various capital improvements. State law requires these bonds be fully paid serially within 25 years from the date of issue. Long-term liabilities of the District consists of bonds payable, obligations for compensated absences, a liability for the early retirement incentive plan, a liability for other post employment benefits (OPEB), and a pension liability which is discussed in Note G. Debt service requirements for bonds are payable solely from the fund balance and future revenues of the sinking fund. The general fund is the fund that is typically used to liquidate compensated absences, early retirement incentive, the OPEB liability, and the pension liability. The following is a summary of long-term debt activity of the District for the year ended June 30, 2019: Balance June 30, 2018 Governmental activities Bonds payable Premium on debt Compensated absences Early retirement incentive

88,000,000 1,200,374 4,354,418 1,998,289 95,553,081

Additions $

24,500,000 412,090 623,148 385,588 25,920,826

Deductions

Balance June 30, 2019

$ (25,250,000) $ (404,295) (368,844) (848,737) $ (26,871,876) $

87,250,000 1,208,169 4,608,722 1,535,140 94,602,031

Due Within One Year $

25,750,000 2,064,678 782,057 28,596,735

A brief description of the outstanding general obligation bond issues at June 30, 2019, is set forth below: Amounts Outstanding Independent School District No. 9 of Tulsa County (Union), Oklahoma Building Bonds Series 2015, original issue $27,000,000 interest rate of 2.0% due in installments of $6,750,000 annually, final payment of $6,750,000 due April 1, 2020.

Independent School District No. 9 of Tulsa County (Union), Oklahoma Building Bonds Series 2016, original issue $27,000,000 interest rate of 1.25% to 2.0% due in installments of $6,750,000 annually, final payment of $6,750,000 due April 1, 2021.

13,500,000

Independent School District No. 9 of Tulsa County (Union), Oklahoma Building Bonds Series 2017, original issue $26,000,000, interest rate of 2.0% due in installments of $6,500,000 annually, final payment of $6,500,000 due April 1, 2022.

19,500,000

Independent School District No. 9 of Tulsa County (Union), Oklahoma Building Bonds Series 2018, original issue $23,000,000, interest rate of 2.0% to 3.0% due in installments of $5,750,000 annually, final payment of $5,750,000 due April 1, 2023.

23,000,000

Independent School District No. 9 of Tulsa County (Union), Oklahoma Building Bonds Series 2019, original issue $24,500,000, interest rate of 2.0% to 3.0% due in installments of $6,125,000 annually, final payment of $6,125,000 due April 1, 2024. $

6,750,000

24,500,000 87,250,000

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE D -LONG-TERM LIABILITIES Maturities of long-term debt are as follows: Year ending June 30, 2020 2021 2022 2023 2024

Principal $

Interest

25,750,000 $ 25,125,000 18,375,000 11,875,000 6,125,000 87,250,000 $

1,928,438 $ 1,413,438 853,438 478,750 183,750 4,857,814 $

Total 27,678,438 26,538,438 19,228,438 12,353,750 6,308,750 92,107,814

Interest expense on long-term debt during the year ending June 30, 2019 was approximately $1,848,000. NOTE E - EARLY RETIREMENT INCENTIVES In 1994, the District revised its early retirement incentive plan whereby new or additional participants are paid stipends ranging from $100 to $1,700 per month plus health and life insurance coverage. An eligible participant is one who qualifies for service retirement benefits through the Teachers’ Retirement System of Oklahoma, be at least on step twenty of the salary schedule, has ten years experience as an employee of the District, and has received Board approval for participation in the plan. All benefits terminate in the event of death, after two or five years of receiving benefits from the plan or, if the retiree accepts employment as a certified employee with any other school district in the state of Oklahoma. As of June 30, 2019, there are 52 participants in the plan. The District has assigned a portion of the general fund fund balance and has recorded the liability in the statement of net position. Amounts accrued with respect to employees electing to retire under this plan as of June 30, 2019, was approximately $1,535,000. NOTE F - RISK MANAGEMENT Effective December 1, 1988, the District began a self-insured medical program for District employees, their spouses, and their eligible dependents. This program is administered by an independent third party and covers medical and dental expenses for employees with spouse and dependent coverage available at additional charges. In order to mitigate the risk associated with this program, the District has purchased individual “stop loss” insurance of $200,000, with a specific “stop-loss” of $450,000 and aggregate “stop-loss” insurance of approximately $25,563,992 plus 100% of employee and District premium contributions. Monthly, the District contributes $41 per employee for the program, which covers expected claims, stop loss coverage, cost containment provisions and administrative costs. A summary of premiums collected from the District and employees and claims paid from July 1, 2018 through June 30, 2019 is set forth below:

District and employee premiums

19,942,897

Claims and changes in estimates Insurance and administrative costs Total claims incurred and other costs

16,810,026 2,628,518 19,438,544

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE F - RISK MANAGEMENT A summary of changes in the aggregate liability for claims in the current and the two prior fiscal years are set forth below:

2017 2018 2019

Liability at Claims and Liability at Beginning of Changes in Claim End of Fiscal Fiscal Year Estimates Payments Year $ 1,529,654 $ 14,048,383 $ (13,982,799) $ 1,595,238 1,595,238 15,411,613 (15,396,213) 1,610,638 $ 1,610,638 $ 16,810,026 $ (16,459,706) $ 1,960,958

The claims liability shown above includes the District’s estimated liability for medical and dental claims incurred but not reported to the District (or the administrator) and open claims not paid prior to year end as of June 30, 2019. The activity for this program is reflected in the accompanying fund financial statements in the internal service fund. There were no significant reductions in coverage from that in prior years and settlements have not exceeded insurance coverage for each of the past three fiscal years. The full amount of the claims liability at June 30, 2019 is expected to be paid during fiscal year 2020. As such, the full liability of $1,960,958 has been classified as a current liability in the accompanying June 30, 2019 financial statements. The District purchases commercial insurance for all other types of risk including, but not limited to, property, casualty, workers’ compensation, vehicle, and employee life. Settlements have not exceeded insurance coverage for each of the past three fiscal years. NOTE G -EMPLOYEE RETIREMENT SYSTEM Plan description: The District as the employer, participates in the Oklahoma Teachers Retirement Plan—a cost-sharing multipleemployer defined benefit pension plan administered by the Oklahoma Teachers Retirement System (OTRS). Title 70 O. S. Sec. 17-105 defines all retirement benefits. The authority to establish and amend benefit provisions rests with the State Legislature. OTRS issues a publicly available financial report that can be obtained at www.ok.gov/TRS. Participation is required for all teachers, and other certified employees and is optional for all other regular employees of public educational institutions who work at least 20 hours per week. A participant’s date of membership is the date of the first contribution made to OTRS. The Plan is administered by a board of trustees, which acts as a fiduciary for investing the funds and governing the administration of the System. The District has no responsibility or authority for the operation and administration of OTRS nor does it have any funding obligations, except for the current contribution requirements. Benefits provided: OTRS provides retirement, disability and death benefits to members of the plan. Benefit provisions include: Members become 100% vested in retirement benefits earned to date after five years through October 31, 2017 and seven years beginning November 1, 2017 of credited Oklahoma service. Members may choose to take an early, reduced retirement benefit, qualify for disability retirement, or stay to qualify for a regular, unreduced retirement benefit. A member is eligible for an unreduced benefit when one of the following requirements is met: 

Age 62 or Combination 80. Members who joined OTRS prior to July 1, 1992 may retire at age 62 or when the member's age and years of creditable service total 80 points.



Age 62 or Combination 90. Members who joined OTRS after July 1, 1992 and before November 1, 2011 may retire at age 62 when the member's age and years of creditable service total 90 points.



Age 65 or Combination 90 at Age 60. Members who joined OTRS on or after November 1, 2011 may retire at age 65 or when the client's age is at least 60 and years of creditable service total at least 90 points. 59

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE G -EMPLOYEE RETIREMENT SYSTEM Members who joined prior to November 1, 2011 and whose age and service do not equal the eligible limit may receive reduced benefits as early as age 55, and at age 62 receive unreduced benefits based on their years of service. Members who joined after October 31, 2011 and whose age and service do not equal the eligible limit may receive reduced benefits as early as age 60, and at age 65 receive unreduced benefits based on their years of service. The maximum retirement benefit is equal to 2% of final compensation for each year of credited service. Monthly benefits are at 1/12 of this amount. Final compensation for members who joined the System prior to July 1, 1992 is defined as the average salary for the three highest years of compensation. Final compensation for members joining the System after June 30, 1992 is defined as the average of the highest five consecutive years of annual compensation in which contributions have been made. The final average compensation is limited for service credit accumulated prior to July 1, 1995 to $40,000 or $25,000, depending on the member’s election. Service credits accumulated after June 30, 1995 are calculated based on each member’s final average compensation. Upon the death of a member who has not yet retired, the designated beneficiary shall receive the member’s total contributions plus 100% of interest earned through the end of the fiscal year, with interest rates varying based on time of service. A surviving spouse of a qualified member may elect to receive, in lieu of the aforementioned benefits, the retirement benefit the member was entitled to at the time of death as provided under the Joint Survivor Benefit Option. Upon the death of a retired member, the System will pay $5,000 to the designated beneficiary, in addition to the benefits provided for the retirement option selected by the member. A member is eligible for disability benefits after ten years of credited Oklahoma service. The disability benefit is equal to 2% of final average compensation for the applicable years of credited service. Upon separation from the System, members’ contributions are refundable with interest based on certain restrictions provided in the plan, or by the IRC. Members may elect to make additional contributions to a tax-sheltered annuity program up to the exclusion allowance provided under the IRC under Code Section 403(b). Contributions: The contribution requirements of OTRS are at an established rate determined by Oklahoma Statute, amended by the Oklahoma Legislature, and are not based on actuarial calculations. The District’s contribution rate is 9.50% of the employees’ annual pay and an additional 7.80% for any employees’ salaries covered by federal funds for the years ended June 30, 2019. The District’s contributions to OTRS in 2019 were $7,406,544, equal to the required contributions. Employees are required to contribute 7.00% of their annual compensation, which the District pays on behalf of certain employees as allowed by statute. The District made contributions on behalf of certain employees in 2019 totaling approximately $828,000. The State of Oklahoma makes a contribution on behalf of each teacher meeting minimum salary requirements (known as the OTRS years of service credit). The credit amount is determined based on years of service and ranges from $60.15 per year for 0 years of service to $1,410.53 per year for 25 years or more of service. For the fiscal year ended June 30, 2019 the State paid approximately $602,000 on behalf of teachers employed at the District. In accordance with GAAP, the District recognized the onbehalf-of payments as revenue and expense/expenditure in the government wide and fund financial statements.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE G -EMPLOYEE RETIREMENT SYSTEM The State of Oklahoma is also required to contribute to the System on behalf of the participating employers. For 2019, the State of Oklahoma contributed 5.00% of state revenues from sales and use taxes, and individual income taxes to the System on behalf of participating employers. The District has estimated the amounts contributed to OTRS by the State of Oklahoma on its behalf based on a contribution rate provided to the District. For the year ended June 30, 2019, the total amount contributed to OTRS by the State of Oklahoma on behalf of the District was approximately $5,547,000. In accordance with GAAP, the District recognized the on-behalf-of payments as revenue and expenditure in the fund financial statements. In the government wide statement of activities, revenue is recognized for the state's on-behalf contributions on an accrual basis of approximately $4,632,000. These on-behalf payments did not meet the criteria of a special funding situation. Pension Liabilities, Pension Expense, and Deferred Inflows and Outflows of Resources Related to Pensions: At June 30, 2019, the District reported a liability of $87,991,074 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2018, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2018. The District’s proportion of the net pension liability was based on the District’s contributions received by the pension plan relative to the total contributions received by pension plan for all participating employers as of June 30, 2018. Based upon this information, the District’s proportion was 1.4558% The change in proportion from June 30, 2017 was a decrease of 0.0398%. For the year ended June 30, 2019,the District recognized an adjustment to pension expense of approximately $65,000. At June 30, 2019 the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflow of Resources $ 8,248,843

Deferred Inflows of Resources $ (6,082,417) (4,506,865)

(1,529,565)

2,560,322

(2,335,774)

10,809,165 7,406,544 18,215,709

(14,454,621) $(14,454,621)

Differences between expected and actual experience Changes of assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion and differences between District contributions and proportionate share of contributions Total deferred amounts to be recognized in pension expense in future periods District contributions subsequent to the measurement date Total $

Deferred pension outflows totaling $7,406,544 resulting from the District’s contributions subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended June 30, 2020. Net deferred outflows resulting from the difference between projected and actual earnings on pension plan investments will be recognized in pension expense over five years as of the beginning of each measurement period. Other deferred inflows and outflows are being amortized over a closed period equal to the average of the expected service lives of all employees as of the beginning of the measurement period.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE G -EMPLOYEE RETIREMENT SYSTEM Other amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense as follows: Year Ended June 30, 2019 2020 2021 2022 2023 Total

3,065,489 1,175,812 (4,679,423) (2,919,428) (287,906) $ (3,645,456)

Actuarial Assumptions: The total pension liability as of June 30, 2018, was determined using the following actuarial assumptions; applied to all periods included in the measurement: 

Actuarial Cost Method—Entry Age Normal



Inflation—2.50 percent



Future Ad Hoc Cost-of-living Increases—None



Salary Increases—Composed of 3.25% wage inflation, including 2.50% price inflation, plus a service-related component ranging from 0.00% to 8.00% based on years of service



Investment Rate of Return—7.50%



Retirement Age—Experience-based table of rates based on age, service, and gender. Adopted by the Board in May 2015 in conjunction with the five year experience study for the period ending June 30, 2014



Mortality Rates after Retirement—Males: RP-2000 Combined Healthy mortality table for males with White Collar Adjustments. Generational mortality improvements in accordance with Scale BB from the table's base year of 2000. Females: GRS Southwest Region Teacher Mortality Table, scaled at 105%. Generational mortality improvements in accordance with Scale BB from the table's base year of 2012



Mortality Rates for Active Members—RP-2000 Employee Mortality tables, with male rates multiplied by 60% and female rates multiplied by 50%

The long-term expected rate of return on pension plan investments was determined using a building block method in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE G -EMPLOYEE RETIREMENT SYSTEM The target asset allocation and best estimates of arithmetic expected real rates of return for each major asset class as of June 30, 2018, are summarized in the following table: Target Asset Allocation 38.5 19.0 23.5 9.0 10.0 100.0

Domestic equity International equity Fixed Income Real estate* Alternative Assets Total

% % % % % %

Long-Term Expected Real Rate of Return 7.5 % 8.5 % 2.5 % 4.5 % 6.1 %

*The Real Estate total expected return is a combination of US Direct Real Estate (unleveraged) and US Value added Real Estate (unleveraged). Discount Rate: The discount rate used to measure the total pension liability was 7.50%. This single discount rate was based solely on the expected rate of return on pension plan investments of 7.50%. The projection of cash flows used to determine this single discount rate assumed that plan members and employer contributions will be made at the current statutory levels and remain a level percentage of payroll. The projection of cash flows also assumed that the Stateâ&#x20AC;&#x2122;s contribution plus the matching contributions will remain a constant percent of projected member payroll based on the past five years of actual contributions. Based on the stated assumptions and the projection of cash flows, OTRS' fiduciary net position and future contributions were projected to be available to finance all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the Net Pension Liability to Changes in the Discount Rate: The following table presents the net pension liability of the District calculated using the discount rate of 7.50%, as well as what the District's net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate:

Net pension liability

1% Decrease Current Discount 1% Increase (6.50)% Rate (7.50)% (8.50)% $ 125,268,555 $ 87,991,074 $ 56,978,031

Pension plan fiduciary net position: Detailed information about the pension planâ&#x20AC;&#x2122;s fiduciary net position is available in the separately issued financial report of the OTRS; which can be located at www.ok.gov/TRS.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE H -OTHER POST-EMPLOYMENT INSURANCE BENEFITS-HEALTH AND DENTAL INSURANCE PROGRAM Plan description: District employees have the option under a single-employer plan of continuing health, vision, and dental coverage at their own expense upon retirement under the Oklahoma Teachers Retirement System if they are covered by an employment contract that provides for post-retirement benefits and who meet one of the following requirements: 

Age 55 or older with 5 years of service



Rule of 80 if hired before July 1, 1992 (combined age and service years)



Rule of 90 if hired after July 1, 1992 (combined age and service years)



10 years of service and terminating employment

Retired employees may pay the same premium as the District pays for current employees. The plan is administered by the District and the District has the authority to establish or amend the plan provisions or contribution requirements. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement No. 75. The plan does not issue a stand-alone financial report. Benefits provided: The District provides healthcare, dental, and vision benefits for retirees and their dependents. Contributions: Contribution requirements of the District are established and may be amended by the Board of Education. All contributions are made by the retirees. Benefits are funded under a "pay as you go" funding method; however expenses are recorded as benefits accumulate. The following employees were covered by the benefit terms at June 30, 2018: Active employees electing coverage Actives waiving coverage Retirees electing coverage Total

1,549 306 347 2,202

Total OPEB liability: The District’s total OPEB liability of $6,188,870 was measured as of June 30, 2018, and was determined by an actuarial valuation as of that date. Actuarial methods and assumptions: The total OPEB liability in the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: 

Discount rate of 3.62%



Inflation rate of 2.75%



Mortality - The base RP-2014 mortality tables with projected mortality improvements based on scale MP-2017, and other adjustments.



Health care cost trend rate - Actual premium increase rates for FY2018 and 6.90% for FY2019, gradually decreasing over several decades to an ultimate rate of 4.40% in FY2075 and later years. In addition, the medical trend rates above were increased to reflect the projected effect of the Affordable Care Act's Excise Tax on high-cost health insurance plans. The additional trend rate adjustments vary by year, but average 0.37% beginning calendar year 2031 for plans other than Medicare plans.



The discount rate was based on the Fidelity 20-Year Municipal GO AA Index.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE H -OTHER POST-EMPLOYMENT INSURANCE BENEFITS-HEALTH AND DENTAL INSURANCE PROGRAM

Balance for fiscal year ending 6/30/2017*

Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability (a) (b) (a) - (b) $ 6,468,867 $ - $ 6,468,867

Changes for the year: Service cost Interest Changes of assumptions Employer contributions Benefit payments Net changes Balance for fiscal year ending 6/30/18*

419,351 236,675 (455,932) (480,091) (279,997) $

6,188,870 $

480,091 (480,091) - $

419,351 236,675 (455,932) (480,091) (279,997) 6,188,870

*The District has elected to use the GASB 75 "lookback" method where assets and liabilities are measured as of the prior fiscal year-end, but applied to the current fiscal year. The total OPEB liability at June 30, 2019 is included in the government-wide statement of net position as a non-current obligation. Sensitivity of the total OPEB liability to changes in the discount rate: The following presents the total OPEB liability of the District, as well as what the District's total OPEB liability would be if it were calculated using a discount rate that is 1-percentagepoint lower (2.62%) or 1-percentage point higher (4.62%) than the current discount rate:

Total OPEB liability

1% Decrease Discount Rate 1% Increase (2.62%) (3.62%) (4.62%) $ 6,669,219 $ 6,188,870 $ 5,737,635

Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates: The following presents the total OPEB liability of the District, as well as what the District's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (5.90% decreasing to 3.40%) or 1-percentage-point higher (7.90% decreasing to 5.40%) than the current healthcare cost trend rates:

Total OPEB liability

Healthcare 1% Decrease Cost Trend 1% Increase (5.90% Rates (6.90% (7.90% Decreasing decreasing to Decreasing to 3.40%) 4.40%) to 5.40%) $ 5,448,281 $ 6,188,870 $ 7,084,526

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE H -OTHER POST-EMPLOYMENT INSURANCE BENEFITS-HEALTH AND DENTAL INSURANCE PROGRAM For the year ended June 30, 2019, the District recognized OPEB expense of $603,965. At June 30, 2019, the District reported deferred outflows of resources related to OPEB from the following sources (no deferred inflows of resources):

Deferred Outflows Deferred Inflows of Resources of Resources $ 394,452 $ (622,100)

Changes of assumptions

The amounts reported as deferred (inflows) outflows of resources related to OPEB will be recognized in OPEB expenses as follows: Year ended: 2020 2021 2022 2023 2024 Thereafter

3,100 (49,563) (49,563) (49,563) (49,563) (32,496) (227,648)

NOTE I - COMMITMENTS AND CONTINGENCIES Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the District believes such amounts, if any, would be immaterial. As of June 30, 2019, the District had outstanding commitments (contracts and purchase orders) of approximately $12,590,000, primarily for construction projects and equipment. On occasion, the District is party to legal proceedings which arise in the normal course of operations. Any liability resulting from these proceedings is not believed, by management, to have a material effect on the financial statements.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE J - TAX ABATEMENT Under current statutory and constitutional provisions, an abatement affecting the Districtâ&#x20AC;&#x2122;s ad valorem revenues could be proposed by the State of Oklahoma, the City of Tulsa, the City of Broken Arrow, or Tulsa County. Currently, the District is subject to ad valorem tax abatements granted by the State of Oklahoma in accordance with the Oklahoma Constitution, Article X Section 6B for qualifying manufacturing concerns. Under this program, a five-year ad valorem tax exemption exempts all real and personal property that is necessary for the manufacturing of a product and facilities engaged in research and development which meet the requirements set by the Oklahoma Constitution and statues. In exchange for the five-year exemption, qualifying manufacturing concerns must incur investment costs of $250,000 or more for construction, acquisition, or expansion of a manufacturing facility. In addition, there are general minimum payroll requirements that must be met and qualifying manufacturing concern must offer basic health benefit plan to all full-time employees within 180 days of employment. The District had $535,490 of ad valorem taxes abated under this program for the fiscal year ended June 30, 2019. The State has an Ad Valorem Reimbursement Fund in accordance with Title 62 O.S. Section 193 that is used to reimburse the District for the loss of revenue. Contributions to this Fund come from a dedicated tax stream comprised of one percent of net state personal and corporate income tax revenues. The District received $535,490 during fiscal year 2019 and has no ouststanding receivables from the State as of June 30, 2019. NOTE K -NEW PRONOUNCEMENTS New Accounting Pronouncements Issued Not Yet Adopted: The GASB has issued several new accounting pronouncements, which will be effective for the District in future fiscal years. A description of the new accounting pronouncements are described below: GASB Statement No. 84, Fiduciary Activities, issued February 2017, will be effective for the District beginning with its fiscal year ending June 30, 2020. The objective of Statement No. 84 is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. An activity meeting the criteria should be reported in a fiduciary fund in the basic financial statements. Governments with activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary net position. An exception to that requirement is provided for a business-type activity that normally expects to hold custodial assets for three months or less. This Statement describes four fiduciary funds that should be reported, if applicable: (1) pension (and other employee benefit) trust funds, (2) investment trust funds, (3) private-purpose trust funds, and (4) custodial funds. Custodial funds generally should report fiduciary activities that are not held in a trust or equivalent arrangement that meets specific criteria. A fiduciary component unit, when reported in the fiduciary fund financial statements of a primary government, should combine its information with its component units that are fiduciary component units and aggregate that combined information with the primary governmentâ&#x20AC;&#x2122;s fiduciary funds. This Statement also provides for recognition of a liability to the beneficiaries in a fiduciary fund when an event has occurred that compels the government to disburse fiduciary resources. Events that compel a government to disburse fiduciary resources occur when a demand for the resources has been made or when no further action, approval, or condition is required to be taken or met by the beneficiary to release the assets.

Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2019 NOTE K -NEW PRONOUNCEMENTS GASB Statement No. 87, Leases, issued June 2017, will be effective for the District beginning with its fiscal year ending June 30, 2021, with earlier adoption encouraged. Statement No. 87 establishes a single approach to accounting for and reporting leases by state and local governments. Under this statement, a government entity that is a lessee must recognize (1) a lease liability and (2) an intangible asset representing the lesseeâ&#x20AC;&#x2122;s right to use the leased asset. In addition, the District must report the (1) amortization expense for using the lease asset over the shorter of the term of the lease or the useful life of the underlying asset, (2) interest expense on the lease liability and (3) note disclosures about the lease. The Statement provides exceptions from the single-approach for short-term leases, financial purchases, leases of assets that are investments, and certain regulated leases. This statement also addresses accounting for lease terminations and modifications, sale-leaseback transactions, non-lease components embedded in lease contracts (such as service agreements), and leases with related parties. Under this Statement, a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governmentsâ&#x20AC;&#x2122; leasing activities. The District is currently evaluating the impact that these new standards may have on its financial statements.

COMPREHENSIVE ANNUAL FINANCIAL REPORT Required Supplementary Information

Union Public Schools REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF CHANGES IN THE DISTRICT'S TOTAL OPEB LIABILITY AND RELATED RATIOS Year Ended June 30, 2019 Last 10 Fiscal Years*

TOTAL OPEB LIABILITY Service cost Interest Changes of assumptions Benefit payments Net change in total OPEB liability

Total OPEB liability - beginning of year Total OPEB liability - end of year

Covered employee payroll

2019

2018

419,351 $ 236,675 (455,932) (480,091) (279,997)

444,366 200,954 (309,750) (608,629) (273,059)

6,468,867 6,188,870 $ 71,456,803

Total OPEB liability as a percentage of covered-employee payroll

8.66 %

6,741,926 6,468,867 69,400,000 9.32 %

Changes of assumptions: Changes of assumptions and other inputs reflect the effects of changes in the discount rate each period. The following are the discount rates used in each period:

2019 2018

3.62 % 3.56 %

*Only two fiscal years are presented because 10-year data is not yet available. Information is as of the measurement date, which is the prior June 30th.

Union Public Schools REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY OKLAHOMA TEACHERS' RETIREMENT SYSTEM (OTRS) Year Ended June 30, 2019 Last 10 Fiscal Years* Fiscal Year Ending June 30: Measurement Date

2019 July 1, 2018

District's proportion of the net pension liability

2018 July 1, 2017

1.4558 %

1.4960 %

2017 July 1, 2016 1.4738 %

2016 July 1, 2015

2015 July 1, 2014

1.4804 %

1.0000 %

District's proportionate share of the net pension liability

87,991,074 $

99,027,941 $ 122,994,788 $

89,902,377 $

75,991,013

District's covered payroll

61,549,778 $

60,687,447 $

60,791,485 $

60,019,839 $

56,309,115

District's proportionate share of the net pension liability as a percentage of its covered payroll

142.96 %

163.18 %

202.32 %

149.79 %

134.95 %

Plan fiduciary net position as a percentage of the total pension liability

72.00 %

69.32 %

62.24 %

70.31 %

72.43 %

Notes to Schedule: * Only five fiscal years are presented because 10-year data is not yet available. Information is as of the measurement date, which is the prior June 30th. Note 1. Change in benefit terms There were no significant changes to benefits provisions or other matters that affected the comparability of the information presented above. Note 2. Change of assumptions The following information is as of the measurement date, which is the prior June 30th. The assumptions for salary increases changed for the June 30, 2016 and June 30, 2015 measurement dates. For the June 30, 2014 measurement date, salary increases were composed of 3.00 percent inflation, plus 1.00 percent productivity increase rate, plus step-rate promotional increases for members with less than 25 years of service. For the June 30, 2015 measurement date, salary increases are composed of 3.75 percent wage inflation, including 3.00 percent price inflation, plus a service-related component ranging from 0.00 percent to 8.00 percent based on years of services. For the June 30, 2016 and subsequent measurement dates, salary increases are composed of 3.25 percent wage inflation, including 2.50 percent price inflation, plus a service-related component ranging from 0.00 percent to 8.00 percent based on years of service. The table used to determine the retirement age changed for the June 30, 2015 measurement date. For the June 30, 2014 measurement date, the retirement age was determined using the experience-based table developed from a five year experience study for the period ending June 30, 2009. This table was adopted by the OTRS Board in September 2010. For the June 30, 2015 measurement date, the retirement age was determined using the experience-based table developed from a five year experience study for the period ending June 30, 2014. This table was adopted by the OTRS Board in May 2015. There were no changes in the retirement age assumptions for the June 30, 2016 and subsequent measurement dates. The mortality rate tables used changed for the June 30, 2015 measurement date. For the June 30, 2014 measurement date, mortality rates were determined using the RP-2000 Combined Mortality table, projected to 2016 using Scale AA, multiplied by 90 percent for males and 80 percent for females. For the June 30, 2015 measurement date, the mortality rates for active employees were determined using the RP-200 Employee Mortality tables, with male rates multiplied by 60 percent and female rates multiplied by 50 percent. The mortality rates for males after retirement were determined using the RP-2000 combined health Mortality Table for males with white collar adjustments. Generational mortality improvements in accordance with Scale BB from the table's base year of 2000 were used. the mortality rates for females after retirement were determined using the GRS Southwest Region Teacher Mortality Table, scaled at 105 percent. Generational mortality improvements in accordance with Scale BB from the tables base year of 2012 were used. There have been no changes in the mortality rate assumptions for June 30, 2016 and subsequent measurement dates. The assumptions for investment return changed for the June 30, 2016 and subsequent measurement dates. For the June 30, 2015 and June 30, 2014 measurement dates, investment return was 8.00 percent per year, net of investment-related expenses and compounded annually, composed of an assumed 3.00 percent inflation rate and a 5.00 percent net real rate of return. For the June 30, 2016 and subsequent measurement dates, investment return was 7.50 percent per year, net of investment-related expenses and compounded annually, composed of an assumed 2.50 percent inflation rate and a 5.00 percent net real rate of return.

Union Public Schools REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS OKLAHOMA TEACHERS' RETIREMENT SYSTEM (OTRS) Year Ended June 30, 2019 Last Ten Fiscal Years 2019

2018

2017

2016

2015

Contractually required contribution Contributions in relation to the contractually required contribution Contribution deficiency (excess) District's covered payroll Contributions as a percentage of covered payroll

7,406,544 $

6,342,798 $

6,234,583 $

6,280,412 $

6,175,126

$ $

7,406,544 - $ 72,194,487 $ 10.26 %

6,342,798 - $ 61,549,778 $ 10.31 %

6,234,583 - $ 60,687,447 $ 10.27 %

6,280,412 - $ 60,791,485 $ 10.33 %

6,175,126 60,019,839 10.29 %

Contractually required contribution Contributions in relation to the contractually required contribution Contribution deficiency (excess) District's covered payroll

2014 5,740,352 $

2013 5,787,711 $

2012 5,323,550 $

2011 5,075,923 $

2010 5,375,791

$ $

5,740,352 - $ 56,309,115 $

5,787,711 - $ 56,964,958 $

5,323,550 - $ 53,779,122 $

5,075,923 - $ 50,451,706 $

5,375,791 54,470,432

Contributions as a percentage of covered payroll

10.19 %

Notes to Schedule: The District's statutorily required contribution rate is 9.50%.

10.16 %

9.90 %

10.06 %

9.87 %

Union Public Schools REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (BUDGETARY BASIS) BUDGETED GOVERNMENTAL FUND TYPES - GENERAL FUND Year Ended June 30, 2019 Original Budget REVENUES Local sources Intermediate sources State sources Federal sources

Non-GAAP Actual

Final Budget

Variance Over (Under)

$ 36,392,364 $ 37,384,549 $ 38,085,440 $ 4,088,135 4,272,208 4,248,303 69,962,292 69,093,834 69,286,870 9,184,546 8,952,934 9,348,645 TOTAL REVENUES 119,627,337 119,703,525 120,969,258

EXPENDITURES Instruction Support services Student Instructional staff General administration School administration Business Operations and maintenance Student transportation Non-instructional services Child nutrition operations Community service operations Other TOTAL EXPENDITURES

68,567,366

67,899,774

67,635,451

(264,323)

9,096,604 5,444,483 2,770,597 8,113,119 7,841,223 9,298,546 4,664,465

8,516,641 5,807,591 2,966,030 8,225,093 8,297,074 9,548,639 4,753,641

9,317,736 5,232,565 2,442,970 9,120,025 7,883,100 9,216,510 4,607,423

801,095 (575,026) (523,060) 894,932 (413,974) (332,129) (146,218)

910,260 3,741,317 111,066 120,559,046

949,350 3,791,425 302,431 121,057,689

895,119 3,435,819 92,361 119,879,079

(54,231) (355,606) (210,070) (1,178,610)

1,090,179 15,820,861

2,444,343 -

EXCESS REVENUES (EXPENDITURES) FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR

700,891 (23,905) 193,036 395,711 1,265,733

(931,709) 15,820,861

(1,354,164) 15,820,861

$ 14,889,152 $ 14,466,697 $ 16,911,040 $

ADJUSTMENTS TO CONFORM WITH GAAP Receivables at end of year (net of deferred inflows of resources) Inventory at end of year Worker's compensation Assigned Fund Balances Compensated absences Early retirement incentive Insurance recovery Investments, change in fair value Additional payables reported on budgetary basis FUND BALANCE AT END OF YEAR (GAAP BASIS)

4,585,045 374,316 1,158,549 3,335,763 1,203,137 604,924 (112,850) 642,900

$ 28,702,824

2,444,343

COMPREHENSIVE ANNUAL FINANCIAL REPORT Supplementary Information

Union Public Schools OTHER SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (BUDGETARY BASIS) BUDGETED GOVERNMENTAL FUND TYPES - BUILDING FUND Year Ended June 30, 2019

Original Budget REVENUES Local sources Interest and other

Non-GAAP Actual

Final Budget

Variance Over (Under)

$ 14,453,106 $ 12,428,969 $ 12,391,988 $ 250,774 774,565 782,018 TOTAL REVENUES 14,703,880 13,203,534 13,174,006

(36,981) 7,453 (29,528)

EXPENDITURES Support services Operations and maintenance Facilities acquisition and construction TOTAL EXPENDITURES

8,108,949 10,001,000 18,109,949

6,295,070 2,516,774 8,811,844

(1,813,879) (7,484,226) (9,298,105)

EXCESS OF REVENUES (EXPENDITURES) FUND BALANCE AT BEGINNING OF YEAR

(3,406,069) 11,179,462

(4,906,415) 11,179,462

4,362,162 11,179,462

9,268,577 -

FUND BALANCE AT END OF YEAR

7,773,393 $

ADJUSTMENTS TO CONFORM WITH GAAP Receivables at end of year (net of deferred inflows of resources) Investments, change in fair value Additional payables reported on budgetary basis FUND BALANCE AT END OF YEAR (GAAP BASIS)

6,273,047 $ 15,541,624 $

65,392 (44,682) 127,587 $ 15,689,921

9,268,577

COMPREHENSIVE ANNUAL FINANCIAL REPORT Non‐Major Governmental Funds

COMPREHENSIVE ANNUAL FINANCIAL REPORT Non‐Major Governmental Funds Child Nutrition Fund ‐ The District’s child nutrition fund is a special revenue fund and is used to account for the operations of the child nutrition programs. In addition to meal ticket sales, revenue sources include federal and state grants for free and reduced meals. Gift Fund ‐ The District's gift fund is a special revenue fund and is used to account for donations received for the benefit of specified individuals associated with the District.

Union Public Schools OTHER SUPPLEMENTARY INFORMATION COMBINING BALANCE SHEET - NON-MAJOR GOVERNMENTAL FUNDS June 30, 2019

Child Nutrition Fund ASSETS Cash and cash equivalents Investments Due from other governments Other receivables Accrued interest Inventories

TOTAL ASSETS $

6,256,115 $ 693,577 103,731 3,153 7,068 1,123,378 8,187,022 $

Gift Fund

Total Non-major Governmental Funds

106,292 $ 106,292 $

6,362,407 693,577 103,731 3,153 7,068 1,123,378 8,293,314

300 $ 300

3,105 278,565 201,187 482,857

LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts payable Wages payable Due to other funds

$ TOTAL LIABILITIES

2,805 $ 278,565 201,187 482,557

DEFERRED INFLOWS OF RESOURCES FUND BALANCES (DEFICIT) Nonspendable Restricted

TOTAL FUND BALANCES (DEFICIT)

TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES

1,123,378 6,581,087 7,704,465

105,992 105,992

1,123,378 6,687,079 7,810,457

8,187,022 $

106,292

8,293,314

Union Public Schools OTHER SUPPLEMENTARY INFORMATION COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE NON-MAJOR GOVERNMENTAL FUNDS Year Ended June 30, 2019

Child Nutrition Fund REVENUES Local sources State sources Federal sources EXPENDITURES Current Instruction Student Instructional staff Operations and maintenance Non-Instruction Expenditures Child nutrition operations Community service operations Other Capital outlay

$ TOTAL REVENUES

TOTAL EXPENDITURES

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES

Gift Fund

2,421,785 $ 68,357 8,569,305 11,059,447

24,653 2,925 8,218 8,816

10,674,829 4,952 10,679,781

4,137 6,722 55,471

10,674,829 4,137 4,952 6,722 10,735,252

21,628 21,628

NET CHANGE IN FUND BALANCES

401,294

FUND BALANCES AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR

47,660 $ 2,469,445 68,357 8,569,305 47,660 11,107,107

379,666

OTHER FINANCING SOURCES Transfers in TOTAL OTHER FINANCING SOURCES

Total Non-major Governmental Funds

(7,811) (7,811)

371,855 21,628 21,628 393,483

7,303,171

113,803

7,416,974

7,704,465 $

105,992 $

7,810,457

COMPREHENSIVE ANNUAL FINANCIAL REPORT Budgetary Basis

Union Public Schools SUPPLEMENTARY INFORMATION - UNAUDITED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (BUDGETARY BASIS) BUDGETED GOVERNMENTAL FUND TYPES - CHILD NUTRITION FUND Year Ended June 30, 2019 OTHER

Original Budget REVENUES Local sources State sources Federal sources

$ TOTAL REVENUES

2,379,628 $ 80,000 7,127,787 9,587,415

2,461,140 $ 68,357 7,164,399 9,693,896

EXPENDITURES Non-instructional services Food preparation Other direct services Food procurement/a la carte Other Child Nutrition programs TOTAL EXPENDITURES

3,676,417 1,907,722 4,964,808 2,984,331 13,533,278

3,740,609 1,684,287 7,010,482 1,097,901 13,533,279

EXCESS OF REVENUES (EXPENDITURES)

(3,945,863)

(3,839,383)

FUND BALANCE AT BEGINNING OF YEAR

6,089,671 2,143,808 $

FUND BALANCE AT END OF YEAR

ADJUSTMENTS TO CONFORM WITH GAAP Receivables at end of year Inventory at end of year Due from other governments Investments, change in fair value Additional payables reported on budgetary basis

Non-GAAP Actual

Final Budget

2,495,723 $ 68,357 7,252,920 9,817,000

3,939,215 964,897 3,947,790 791,690 9,643,592

34,583 88,521 123,104

198,606 (719,390) (3,062,692) (306,211) (3,889,687)

173,408

4,012,791

6,089,671

2,250,288 $

6,263,079 $

Variance Over (Under)

10,221 1,123,378 103,731 (6,423) 210,479 7,704,465

4,012,791

COMPREHENSIVE ANNUAL FINANCIAL REPORT Agency Fund Agency Fund ‐ The Districts agency fund consists of the School Activities fund which is used to account for monies collected principally through fundraising efforts of the students and District sponsored groups. The administration is responsible, under the authority of the Board, for collecting, disbursing and accounting for these activity funds.

Union Public Schools OTHER SUPPLEMENTARY INFORMATION COMBINING STATEMENT OF CHANGES IN ASSETS & LIABILITIES - AGENCY FUND Year Ended June 30, 2019

Balance July 1, 2018 HIGH SCHOOL TOTAL

INTERMEDIATE HIGH TOTAL

510,274

Additions $

455,266

Deductions $

(454,903) $

Balance June 30, 2019

Adjustments

15,141 $

525,778

87,462

36,862

(46,253)

78,071

2,564

7,634

(8,363)

1,835

70,648

31,908

(35,098)

67,458

SIXTH/SEVENTH GRADE CENTER TOTAL

108,171

65,968

(63,059)

111,080

ELEMENTARY ACTIVITY FUNDS TOTAL

321,367

286,627

(279,891)

328,103

STUDENT CLUBS TOTAL

274,218

532,398

(559,735)

6,000

252,881

(309,921) (1,757,223) $

(21,141) - $

1,191,951 2,557,157

(1,757,223) $ (52,248) (15,988) (1,825,459) $

- $ - $

1,575,416 996,970 8,586 11,594 2,592,566

(43,981) (1,757,223) (1,801,204) $

- $

35,409 2,557,157 2,592,566

ALTERNATIVE TOTAL EIGHTH GRADE CENTER TOTAL

ADMINISTRATIVE TOTAL TOTAL FUNDS HELD FOR STUDENT ACTIVITIES $

1,219,350 2,594,054

303,663 1,720,326

SUMMARY-ACTIVITY FUNDS ASSETS Cash and cash equivalents Investments Accrued interest Other receivables LIABILITIES Accounts payable and accrued liabilities Funds held for student activities

TOTAL ASSETS $

2,569,799 52,248 15,988 2,638,035

TOTAL LIABILITIES $

43,981 2,594,054 2,638,035

762,840 996,970 8,586 11,594 1,779,990

35,409 1,720,326 1,755,735

COMPREHENSIVE ANNUAL FINANCIAL REPORT Statistical Section

Union Public Schools For the Year Ended June 30, 2019 STATISTICAL TABLE OF CONTENTS Page Financial Trends These schedules contain trend information to help the reader understand how the District's financial performance and well-being have changed over time.

.............................................................................................................................................................................................................................. 77 Net Position by Component .............................................................................................................................................................................................................................. Changes in Net Position 78-79 .............................................................................................................................................................................................................................. Fund Balances of Governmental Funds 80 .............................................................................................................................................................................................................................. Changes in Fund Balances of Governmental Funds 81 Revenue Capacity These schedules contain information to help the reader assess the District's most significant local revenue source, the property tax.

.............................................................................................................................................................................................................................. 82 Assessed Value and Actual Value of Taxable Property .............................................................................................................................................................................................................................. Direct and Overlapping Property Tax Rates 83 .............................................................................................................................................................................................................................. Principal Property Taxpayer 84 .............................................................................................................................................................................................................................. Property Taxes Levies and Collections 85 Debt Capacity These schedules present information to help the reader assess the District's current levels of outstanding debt and the District's ability to issue additional debt in the future.

.............................................................................................................................................................................................................................. 86 Ratios of Outstanding Debt by Type .............................................................................................................................................................................................................................. Ratios of Net General Bonded Debt Outstanding 87 .............................................................................................................................................................................................................................. Direct and Overlapping Governmental Activities Debt 88 .............................................................................................................................................................................................................................. Legal Debt Margin 89 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place.

.............................................................................................................................................................................................................................. Capital Assets by Function and Activity 93 .............................................................................................................................................................................................................................. Employee Information 94 .............................................................................................................................................................................................................................. Operating Statistics 95 .............................................................................................................................................................................................................................. Support Services Statistics 96 .............................................................................................................................................................................................................................. School Building Information 97-99 .............................................................................................................................................................................................................................. Insurance Schedule 100

COMPREHENSIVE ANNUAL FINANCIAL REPORT Financial Trends These schedules contain trend information to help the reader understand how the District's financial performance and well-being have changed over time.

Union Public Schools NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (accrual basis of accounting)

2010a GOVERNMENTAL ACTIVITIES Net investment in capital assets Restricted for debt service Restricted for capital projects Restricted for other purposes Unrestricted Governmental activities net position BUSINESS-TYPE ACTIVITIES Net investment in capital assets Unrestricted Total business-type activities net position DISTRICT-WIDE Net investment in capital assets Restricted for debt service Restricted for capital projects Restricted for other purposes Unrestricted Total district-wide net position

2011

2012

2013

2014

2015

2016b

2017

2018

2019

$ 103,038,748 $ 108,559,632 $ 110,391,940 $ 115,574,019 $ 137,345,418 $ 125,856,505 $ 127,755,847 $ 130,053,939 $ 133,259,962 $ 140,417,926 10,727,559 11,862,533 12,112,690 11,734,785 11,769,385 11,878,271 13,150,885 13,894,271 14,746,205 14,534,933 1,968,124 2,093,717 2,509,620 1,825,152 1,724,544 1,967,958 48,803,583 47,697,773 11,412,944 15,779,679 6,623,065 1,574,482 6,742,655 7,076,687 22,959,925 25,544,295 26,242,856 27,537,569 13,056,868 (58,605,257) (101,080,888) (97,354,196) (66,216,438) (59,110,095) 138,694,356 148,060,177 151,257,106 156,671,525 163,896,215 81,097,477 95,252,492 95,866,269 99,945,328 118,699,130 487,377 3,564,542

485,629 3,906,467

381,775 4,693,700

326,076 5,448,717

639,676 5,878,520

998,061 4,038,260

4,051,919

4,392,096

5,075,475

5,774,793

6,518,196

5,036,321

103,526,125 109,045,261 110,773,715 115,900,095 137,985,094 126,854,566 127,755,847 130,053,939 133,259,962 140,417,926 10,727,559 11,862,533 12,112,690 11,734,785 11,769,385 11,878,271 13,150,885 13,894,271 14,746,205 14,534,933 1,968,124 2,093,717 2,509,620 1,825,152 1,724,544 1,967,958 48,803,583 47,697,773 11,412,944 15,779,679 6,623,065 1,574,482 6,742,655 7,076,687 26,524,467 29,450,762 30,936,556 32,986,286 18,935,388 (54,566,997) (101,080,888) (97,354,196) (66,216,438) (59,110,095) $ 142,746,275 $ 152,452,273 $ 156,332,581 $ 162,446,318 $ 170,414,411 $ 86,133,798 $ 95,252,492 $ 95,866,269 $ 99,945,328 $ 118,699,130

The District restated 2009-2010 to show elimination of Early Retirement Incentive Fund as a Governmental Fund.

The District reclassified the Child Nutrition Fund from an Enterprise Fund to a Non-Major Governmental Fund, it is no longer shown under Business-type activities.

Union Public Schools CHANGES IN NET POSITION LAST TEN FISCAL YEARS (accrual basis of accounting)

2010 EXPENSES Governmental activities: Instruction Regular instruction Special education instruction Vocational education Other instruction Support services Pupil services Instructional staff services General administration services School administration services Business services Operations and maintenance services Pupil transportation services Other support services Community services Child nutrition operations Interest on long-term debt Total governmental activities expenses Business-type activities Food service Total business-type activities expenses TOTAL DISTRICT-WIDE EXPENSES PROGRAM REVENUES Governmental activities: Regular instruction Other instruction Operations and maintenance services Pupil transportation services Child nutrition operations Community services Operating grants and contributions Total governmental activities revenues Business-type activities Charges for services Food services Operating grants and contributions Total business-type activities revenues TOTAL DISTRICT-WIDE PROGRAM REVENUES

2011

2012

2013

2014

2015

2016a

2017

2018

2019

$ 50,200,357 $ 47,158,054 $ 47,696,999 $ 45,059,620 $ 46,341,689 $ 45,001,242 $ 51,141,383 $ 53,595,932 $ 56,202,074 $ 60,175,239 7,842,242 8,031,835 6,849,212 6,612,412 6,233,739 6,341,375 7,016,744 7,349,846 7,725,685 8,207,485 870,154 791,340 950,125 945,278 670,070 741,694 748,318 891,575 737,913 816,876 7,668,736 8,722,066 7,747,720 7,842,671 7,374,669 7,720,300 6,765,659 8,370,327 9,320,347 9,905,669 6,613,037 4,658,150 1,702,208 7,582,320 6,633,048 13,497,499 4,040,919 390,931 3,116,828 3,028,438 117,844,867

6,578,671 4,097,654 2,053,274 7,603,111 6,699,718 14,318,058 4,250,109 421,073 3,326,706 1,731,793 115,783,462

5,936,528 4,669,725 2,304,212 7,966,078 7,905,967 16,300,790 5,016,047 502,395 3,190,721 1,843,255 118,879,774

6,536,348 5,044,827 2,663,280 8,244,790 8,659,317 20,811,570 4,169,770 541,351 3,283,904 1,671,458 122,086,596

6,140,565 5,311,136 2,095,278 8,736,047 9,331,982 22,950,917 4,441,361 525,901 3,763,981 1,526,518 125,443,853

6,523,325 6,080,733 2,182,337 8,520,623 8,593,167 25,747,924 4,513,453 558,314 4,185,837 1,262,827 127,973,151

6,971,668 5,571,289 2,447,124 8,658,990 9,055,996 23,567,118 4,805,513 932,537 4,225,906 8,910,023 1,030,547 141,848,815

7,722,016 5,647,599 2,455,463 9,312,325 9,575,770 16,704,480 5,251,949 1,237,683 3,613,257 1,157,748 132,885,970

8,336,057 5,388,880 2,995,149 9,884,302 9,684,632 17,555,663 5,805,253 74,421 3,747,433 1,326,284 138,784,093

9,847,137 6,346,932 2,665,156 9,534,072 9,666,700 24,098,794 8,386,266 97,718 991,638 12,039,091 1,464,143 164,242,916

4,933,359 4,933,359 122,778,226

5,941,196 5,941,196 121,724,658

6,350,713 6,350,713 125,230,487

7,055,054 7,055,054 129,141,650

7,485,087 7,485,087 132,928,940

8,357,658 8,357,658 136,330,809

141,848,815

132,885,970

138,784,093

164,242,916

295,758 413,423 86,613 1,272,571 25,206,184 27,274,549

293,449 350,262 96,232 1,237,404 27,773,833 29,751,180

337,573 343,209 109,087 1,606,114 20,983,362 23,379,345

378,408 331,071 116,944 1,609,596 21,141,497 23,577,516

367,535 295,785 165,334 1,656,019 21,895,671 24,380,344

454,638 349,724 21,389 1,893,928 24,130,695 26,850,374

429,957 518,227 342,333 1,757,668 34,301,418 37,349,603

667,744 598,318 114,196 1,762,025 30,875,257 34,017,540

494,725 673,513 292,101 1,600,181 33,586,992 36,647,512

464,504 43,520 536,022 180,931 2,316,522 1,714,689 43,761,692 49,017,880

2,245,971 3,751,621 5,997,592

2,044,359 4,214,614 6,258,973

2,124,783 4,891,927 7,016,710

2,387,764 5,409,547 7,797,311

2,395,452 5,798,335 8,193,787

2,163,624 6,790,766 8,954,390

33,272,141

36,010,153

30,396,055

31,374,827

32,574,131

35,804,764

37,349,603

34,017,540

36,647,512

49,017,880

Union Public Schools CHANGES IN NET POSITION LAST TEN FISCAL YEARS (accrual basis of accounting)

NET (EXPENSE) REVENUE Governmental activities Business-type activities Total district-wide net (expense) revenue GENERAL REVENUE AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property taxes, levied for general purpose Property taxes, levied for debt service Other taxes State aid not restricted to specific program Earnings on investments Transfers Other Total general revenue and other changes in net position Business-type activities State aid not restricted to specific programs Interest and investment earnings Loss on disposal of capital assets Transfers Other Total business-type activities Total district-wide activities CHANGE IN NET POSITION Governmental activities Business-type activities TOTAL DISTRICT-WIDE a

2010

2011

2012

2013

2014

2015

2016a

(98,509,080) (101,063,509) (101,122,777) (104,499,212) 742,257 708,700 596,732 (97,766,823) (100,354,809) (100,526,045) (104,499,212)

2017

2018

2019

(90,570,318) 1,064,233 (89,506,085)

(86,032,282) 317,777 (85,714,505)

(95,500,429) 665,997 (94,834,432)

(98,868,430) (102,136,581) (115,225,036) (98,868,430) (102,136,581) (115,225,036)

32,255,504 19,114,516 5,720,719

32,677,915 20,625,938 5,984,255

32,556,899 21,313,339 6,448,555

32,984,258 21,798,850 6,424,504

33,200,347 21,418,237 6,995,997

33,969,278 21,427,050 6,653,037

35,343,244 22,883,039 8,232,839

36,853,579 23,801,299 8,278,305

37,626,449 25,766,923 8,294,351

39,042,521 25,899,398 8,160,672

35,329,507 409,487 297,535

35,292,922 492,089 324,984

37,521,745 425,529 431,291

43,524,092 (1,036,717) 228,512

45,156,557 624,641 892,420

46,103,550 740,150 (24,060) 1,866,128

46,141,666 345,047 1,334,901

44,246,923 401,936 1,664,521

48,783,416 1,304,275 2,150,886

57,475,589 2,169,978 1,230,680

93,127,268

95,398,103

98,697,358

103,923,499

108,288,199

110,735,133

114,280,736

115,246,563

123,926,300

133,978,838

15,721 (11,277) 4,444 93,131,712

22,400 22,400 95,420,503

17,382 17,382 98,714,740

(42,939) 34,150 553 (42,939) 34,703 103,880,560 108,322,902

99,171 54,612 24,060 177,843 110,912,976

114,280,736

115,246,563

123,926,300

133,978,838

93,127,268 95,398,103 98,697,358 103,923,499 108,288,199 110,735,133 114,280,736 115,246,563 123,926,300 133,978,838 1,068,677 340,177 683,379 699,318 743,403 774,575 $ 94,195,945 $ 95,738,280 $ 99,380,737 $ 104,622,817 $ 109,031,602 $ 111,509,708 $ 114,280,736 $ 115,246,563 $ 123,926,300 $ 133,978,838

In 2015-2016 Business-type activities were reclassified to be part of Governmental activities.

Union Public Schools FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (modified accrual basis of accounting)

2010a GENERAL FUND Reserved Nonspendable Assigned Restricted Unreserved Unassigned Total general fund

ALL OTHER GOVERNMENTAL FUNDS Reserved, reported in: Sinking fund - Reserved for debt service Building fund - Reserved for capital projects Other governmental funds - reserved for Arbitrage Restricted, reported in: Building fund - Restricted for capital projects Sinking fund - Restricted for bond payments Bond fund - Restricted for capital projects Non-major governmental funds - Restricted for Arbitrage Unreserved, reported in: Building fund Other governmental funds Nonspendable, reported in: Non-major governmental funds Total all other governmental funds $

2011b

2012

2013

2014

2015

2016c

2017

2018

2019d

243,068 $ - $ - $ - $ - $ - $ - $ - $ - $ 290,497 432,760 477,267 463,139 277,419 456,245 396,278 358,640 374,316 1,612,460 1,704,276 2,258,024 3,488,253 4,468,061 5,531,991 4,437,853 5,143,824 489,356 500,922 259,997 661,362 21,596,804 20,521,394 19,091,280 17,508,115 18,530,954 18,997,162 19,720,283 19,019,923 22,057,453 22,523,322 21,839,872 22,424,351 21,228,316 17,985,382 21,252,117 22,762,834 25,133,945 25,449,114 27,113,943 28,702,824

10,727,559

30,004,115

550,203

7,877,860

11,588,797

12,630,459

11,524,158

10,516,503

11,862,533 34,426,709

12,112,690 27,434,270

11,734,785 26,772,989

11,769,385 30,536,685

11,878,271 35,339,959

13,511,291 37,704,781

14,301,300 36,526,314

15,259,184 36,997,515

14,481,229 37,888,038

287,986

16,956

16,995

17,232,511

12,245,022

17,895,602

6,687,079

4,466,525

(267,547)

15,689,921

877,884 848,255 934,316 1,123,378 45,748,402 $ 54,455,088 $ 51,152,713 $ 51,155,228 $ 53,830,228 $ 57,734,733 $ 69,326,467 $ 63,653,344 $ 70,819,070 $ 75,869,645

The District restated 2009-2010 to show elimination of Early Retirement Incentive Fund as a Governmental Fund and redistribution of Insurance Recovery and Compensating Balance Funds to combine with assigned General Fund.

Beginning in 2010-2011, the District changed the presentation of fund balances per GASB 54, Fund Balance Reporting and Governmental Fund Type, which is to enhance the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing Governmental fund type definitions.

Beginning in 2015-2016, the District changed the classification of the Child Nutrition Fund, the Building Fund and the Gift Fund, to be Non-Major Governmental Funds.

Beginning in 2018-2019, the District changed the classification of the Building Fund to be a Major Governmental Fund.

Union Public Schools CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (modified accrual basis of accounting)

REVENUES Local sources Intermediate sources State sources Federal sources Total revenues

2010

2011

2012

2013

2014

2015

2016b

2017

2018

2019C

$ 53,565,231 $ 55,819,462 $ 57,486,888 $ 56,571,935 $ 59,025,796 $ 60,676,896 $ 65,714,060 $ 67,525,815 $ 73,006,571 $ 80,865,317 3,412,476 3,490,550 3,577,493 3,659,812 3,691,110 3,769,565 4,069,277 4,245,698 4,341,463 49,991,955 50,418,937 53,507,688 59,834,740 62,946,211 64,899,117 66,103,966 59,426,608 64,824,539 69,221,556 12,622,460 15,002,604 7,592,989 7,220,193 7,005,912 7,668,648 15,482,295 15,350,965 16,034,694 18,150,223 119,592,122 124,731,553 122,165,058 123,626,868 132,637,731 136,935,771 151,069,886 146,372,665 158,111,502 172,578,559

EXPENDITURES Current Instruction Student Instructional staff General administration School administration Business Operations and maintenance Student transportation Non-instruction expenses Child nutrition operations Community service operations Other Capital outlay Debt service Principal Interest Total expenditures Excess (deficiency) of revenue over (under) expenditures

(14,241,221) (12,493,083) (23,714,273) (25,692,032) (17,462,050) (23,042,306) (19,887,564) (26,219,855) (19,782,538) (18,489,313)

OTHER FINANCING SOURCES (USES) Issuance of debt Premiums on issuance of debt Insurance recoveries Other uses Transfers in Transfers out Total other financing sources (uses) Net changes in fund balances Debt services as a percentage of noncapital expendituresa

56,667,802 6,165,276 4,356,125 1,663,542 7,016,599 6,532,857 13,291,631 3,260,021

56,686,825 6,531,988 3,881,562 2,002,920 7,496,930 6,842,732 14,026,969 4,270,365

53,750,567 5,847,859 4,547,847 2,244,938 7,757,815 7,236,709 14,389,090 3,694,829

58,431,250 6,596,077 5,298,211 2,668,201 8,285,343 8,531,462 14,980,221 5,295,306

58,772,568 6,170,979 6,544,715 2,128,754 8,898,604 8,968,097 16,218,961 3,961,836

61,773,550 6,879,408 5,656,257 2,265,731 9,052,729 9,034,785 16,292,881 6,068,004

65,109,604 7,094,245 5,057,566 2,455,588 8,764,690 9,320,178 16,049,076 4,101,104

61,454,255 7,135,996 5,341,475 2,317,324 8,577,138 8,993,792 15,888,909 5,484,433

66,467,607 7,875,660 5,011,368 2,876,594 9,324,651 9,271,296 16,561,387 4,567,394

72,987,934 9,489,047 6,047,974 2,585,813 9,182,956 9,563,479 17,112,766 7,274,933

385,941 2,964,471 1,230,120 12,060,833

415,189 3,042,496 33,146 12,279,452

435,766 3,221,283 309,240 21,118,826

545,714 3,417,743 391,396 12,665,601

531,575 3,786,785 451,724 11,782,058

593,090 4,418,668 183,579 15,860,395

9,725,475 4,350,322 113,787 17,070,815

10,447,421 3,432,261 51,253 20,176,638

10,742,101 3,572,461 54,002 16,091,394

11,582,725 3,531,224 97,311 14,513,273

16,150,000 2,088,125 133,833,343

17,900,000 1,814,062 137,224,636

19,725,000 1,599,562 145,879,331

20,875,000 1,337,375 149,318,900

20,775,000 1,108,125 150,099,781

20,875,000 1,024,000 159,978,077

20,500,000 1,245,000 170,957,450

21,850,000 1,441,625 172,592,520

23,850,000 1,628,125 177,894,040

25,250,000 1,848,437 191,067,872

22,500,000 21,600,000 19,000,000 20,400,000 21,000,000 27,000,000 27,000,000 26,000,000 23,000,000 24,500,000 204,356 326,976 118,750 202,827 380,560 431,663 518,711 250,835 439,703 412,090 184,601 17,571 (142,728) 97,113 61,513 132,194 865,324 (751) (382) 656,196 689,122 585,217 279,018 145,210 82,844 106,224 73,841 161,082 700,101 (656,196) (689,122) (585,217) (279,018) (145,210) (106,904) (106,224) (73,841) (161,082) (700,100) 22,704,356 21,784,248 19,215,863 20,664,340 21,512,754 28,457,528 27,536,282 26,250,084 23,439,321 24,912,091 $ 8,463,135 $ 9,291,165 $ (4,498,410) $ (5,027,692) $ 4,050,704 $ 5,415,222 $ 7,648,718 $ 30,229 $ 3,656,783 $ 6,422,778 15.30 %

16.19 %

17.32 %

16.67 %

16.11 %

15.33 %

14.26 %

15.43 %

15.74 %

15.75 %

Non-capital expenditures are total expenditures less capital outlay reported on the Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities.

Beginning in 2015-2016, the District changed the classification of the Child Nutrition Fund, the Building Fund and the Gift Fund, to be Non-Major Governmental Funds.

Beginning in 2018-2019, the District changed the classification of the Building Fund to be a Major Governmental Fund.

COMPREHENSIVE ANNUAL FINANCIAL REPORT Revenue Capacity These schedules contain information to help the reader assess the District's most significant local revenue source, the property tax.

Union Public Schools ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS

Fiscal Year Ended June 30,

Real Property Assessed Valuea

Personal Property Public Service Net Assessed Property Assessed Valuea Valueb

Total Net Assessed Value

Total Estimated Actual Valuec

Ratio of Gross Assessed Value of Total Estimated Total Direct Tax Actual Value Rated

2010

580,475,613

99,397,179

24,269,812

704,142,604

6,501,691,046

10.83%

68.66

2011

590,418,541

95,351,396

25,262,226

711,032,163

6,555,557,566

10.85%

70.28

2012

594,315,814

90,932,503

20,465,196

705,713,513

6,525,004,824

10.82%

71.65

2013

601,412,818

88,022,848

21,252,456

710,688,122

6,562,775,286

10.83%

71.90

2014

610,351,602

91,811,689

19,160,939

721,324,230

6,671,918,494

10.81%

71.06

2015

628,740,000

99,732,783

16,546,904

745,019,687

6,905,133,965

10.79%

70.19

2016

647,399,204

101,040,598

16,351,844

764,791,646

7,085,583,042

10.79%

71.01

2017

673,539,097

104,988,429

18,150,870

796,678,396

7,368,526,233

10.81%

71.11

2018

692,847,775

106,814,765

19,086,696

818,749,236

7,564,864,003

10.82%

72.93

2019

718,866,548

110,992,112

19,057,585

848,916,245

7,841,339,927

10.83%

71.92

Assessed value is defined as the taxable value of real or personal property and is subject to an assessment rate set by the County Assessor to calculate the amount of tax liability. The current assessment rate is 11% for real property and 10% for personal property.

Public service property is centrally assessed by the Oklahoma State Board of Equalization. The assessment rates on public service property, and on airlines and railroads included in the public service category, are set at 22.85% and 11.84% respectively.

Estimated actual value is used in computing the gross assessed value for tax purposes. The Oklahoma Constitution provides that this value will not exceed a 5% increase over the previous year unless improvements were made to the property or if title to the property is transferred, changed, or conveyed to another person.

Components of total direct tax rate are found on the Direct and Overlapping Property Tax Rate table.

Source: Tulsa County Assessor

Union Public Schools Direct and Overlapping Property Tax Rates As of June 30, 2019

Fiscal Year

General

Direct Rates Union School District Building Sinking

Rates for Taxpayers in the City of Tulsaa Overlapping Rates Total Direct Rates

Tulsa County

Tulsa Comm College

Tulsa VoTech

Total Total Direct & Overlapping Overlapping Tulsa City Rates Rates

2010

36.05

5.15

27.46

68.66

22.21

7.21

13.33

14.15

56.90

125.56

2011

36.05

5.15

29.08

70.28

22.21

7.21

13.33

16.98

59.73

130.01

2012

36.05

5.15

30.45

71.65

22.24

7.21

13.33

20.01

62.79

134.44

2013

36.05

5.15

30.70

71.90

22.24

7.21

13.33

20.16

62.94

134.84

2014

36.05

5.15

29.86

71.06

22.24

7.21

13.33

20.24

63.02

134.08

2015

36.05

5.15

28.99

70.19

22.23

7.21

13.33

21.46

64.23

134.42

2016

36.05

5.15

29.81

71.01

22.22

7.21

13.33

22.79

65.55

136.56

2017

36.05

5.15

29.91

71.11

22.24

7.21

13.33

21.20

63.98

135.09

2018

36.05

5.15

31.73

72.93

22.24

7.21

13.33

22.44

65.22

138.15

2019

36.05

5.15

30.72

71.92

22.74

7.21

13.33

22.14

Fiscal Year

General

65.42 Ten-Year Average

137.34 134.05

Rates for Taxpayers in the City of Broken Arrowb Direct Rates Overlapping Rates Union Total School Total Direct & District Total Direct Tulsa Tulsa Comm Tulsa Broken Overlapping Overlapping Building Sinking Rates County College VoTech Arrow City Rates Rates

2010

36.05

5.15

27.32

68.52

22.21

7.21

13.33

15.98

58.73

127.25

2011

36.05

5.15

29.08

70.28

22.21

7.21

13.33

16.44

59.19

129.47

2012

36.05

5.15

30.45

71.65

22.24

7.21

13.33

17.13

59.91

131.56

2013

36.05

5.15

30.70

71.90

22.24

7.21

13.33

16.50

59.28

131.18

2014

36.05

5.15

29.86

71.06

22.24

7.21

13.33

17.32

60.10

131.16

2015

36.05

5.15

28.99

70.19

22.23

7.21

13.33

17.14

59.91

130.10

2016

36.05

5.15

29.81

71.01

22.22

7.21

13.33

17.10

59.86

130.87

2017

36.05

5.15

29.91

71.11

22.24

7.21

13.33

16.92

59.70

130.81

2018

36.05

5.15

31.73

72.93

22.24

7.21

13.33

16.84

59.62

132.55

2019

36.05

5.15

30.72

71.92

22.74

7.21

13.33

15.61

58.89 Ten-Year Average

130.81 130.58

Approximately 86% of the District lies within the City of Tulsa. The ten-year tax levy average for property owners in the City of Tulsa is 137.34 mills.

Approximately 14% of the District lies within the City of Broken Arrow. The ten-year tax levy average for property owners in the City of Broken Arrow is 130.81 mills.

Note: A mill is the equivalent of $1 per $1,000 of net assessed value. The District's millage rate levy is pursuant to provisions of the Constitution of the State of Oklahoma contained in Article X. The County Excise Board certifies the Estimate of Needs submitted by the District annually and computes the rate of mill levy necessary for General Fund, Building Fund and Sinking Fund purposes. Once the levy is certified by the Excise Board, the county assessor extends said levies upon the tax rolls. Pursuant to an amendment to the Oklahoma Constitution enabling local school districts to seek permanent voter approval of a 5-mill emergency levy, a 5.15-mill building levy, and a 10-mill local support levy, the District submitted such permanent levies to the voters at an election held on February 13, 2001. The permanent levies were approved, and the District no longer has to submit approval of these funding sources to voters on an annual basis. Source: Tulsa County Clerk

Union Public Schools PRINCIPLE PROPERTY TAXPAYERS Current Year and Nine Years Ago 2019 Taxable Assessed Value

Taxpayer

Rank

% of Total District Net Assessed Valuea

2010 Taxable Assessed Value

Rank

% of Total District Net Assessed Valueb

Woodland Hills Mall

$14,491,327

1.71 %

$14,235,813

2.02 %

QuikTrip

0.59 %

12,779,887

1.51 %

4,169,991

AG Equipment Co

9,639,390

1.14 %

Public Service Company of Oklahoma

9,098,026

1.07 %

11,763,648

AHS/VTR Hillcrest/Tulsa Holdings

6,979,199

0.82 %

Weidner Apartment Homes

6,673,979

0.79 %

Expedition Properties LLC

6,631,669

0.78 %

3,988,434

0.57 %

Wal-Mart Stores

6,543,355

0.77 %

6,618,461

0.94 %

Sir Estancia/Sonoma Grande LLC

6,042,274

0.71 %

Marina Bay Partners

4,265,245

0.50 %

State Farm Insurance

5,653,994

0.80 %

SouthCrest Hospital

7,203,949

1.02 %

Zeledyne, LLC

5,283,206

0.75 %

Tech Ridge Properties

3,945,007

0.56 %

3,274,982 $ 66,137,485

0.47 % 9.39 %

AT&T Companies/Services

Based on 2018-2019 Net Assessed Valuation of $848,916,245.

Based on 2009-2010 Net Assessed Valuation of $704,142,604.

TOTAL

$ 83,144,351

Source: Tulsa County Assessor

9.80 %

1.67 %

Union Public Schools PROPERTY TAXES LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Collected within the Fiscal Year of the Levya Fiscal Year Ended

Total Tax Levied for Fiscal Year

Current Tax Collections

Collected in Subsequent Yearsb

Percent of Current Tax Collected

Delinquent Tax Collections

Total Tax Collection

Ratio of Total Tax Collection to Levyc

Outstanding Delinquent Taxes

Ratio of Delinquent Taxes to Total Levyc

2010

48,247,851

47,128,165

97.68 %

679,476

47,807,641

99.09 %

1,668,851

3.46 %

2011

49,971,340

48,687,849

97.43 %

858,349

49,546,198

99.15 %

1,981,345

3.96 %

2012

50,564,373

49,356,793

97.61 %

1,128,030

50,484,822

99.84 %

1,825,174

3.61 %

2013

51,098,476

50,136,476

98.12 %

985,461

51,121,936

100.05 %

1,903,829

3.73 %

2014

51,257,300

50,231,293

98.00 %

910,509

51,141,801

99.77 %

1,889,675

3.69 %

2015

52,292,932

51,034,795

97.59 %

906,394

51,941,189

99.33 %

1,785,109

3.41 %

2016

54,307,855

53,392,086

98.31 %

907,623

54,299,709

99.99 %

1,805,492

3.32 %

2017

56,651,801

55,237,805

97.50 %

819,589

56,057,394

98.95 %

1,981,909

3.50 %

2018

59,711,382

58,210,863

97.49 %

1,398,460

59,609,322

99.83 %

2,225,068

3.73 %

2019

61,054,057

59,170,949

96.92 %

1,056,051

60,226,999

98.65 %

2,516,937

4.12 %

The Tulsa County Assessor is required to file a tax roll report on or before October 1 of each year with the Tulsa County Treasurer who must begin collecting taxes by November. The first half of taxes is due and payable on or before December 31. The second half becomes due and payable on or before March 31. If the first half is not paid by December 31, the total tax becomes due and payable on January 1.

Ad valorem taxes not paid on or before April 1 are considered delinquent. Interest accrues on delinquent taxes at the rate of one and one-half percent monthly (18 percent annually) to a maximum of 100 percent of the taxes due until such time as the delinquent taxes are paid. If not paid by the following October 1, the property is offered for sale for the amount of taxes due.

In accordance with Oklahoma State Law 68 O.S. 2001 Section 3009 and Sections 26 and 28 of Article 10 of the Oklahoma Constitution, the County Excise Board assumes a delinquency rate of 10% when the Board approves the total tax levy. However, the District has a history of only 2% - 4% delinquency rate. Therefore, the "Ratio of Delinquent Taxes to Total Levy" may exceed 100%.

Source: Tulsa County Treasurer

COMPREHENSIVE ANNUAL FINANCIAL REPORT Debt Capacity These schedules present information to help the reader assess the affordability of the District's current levels of outstanding debt and the District's ability to issue additional debt in the future.

Union Public Schools RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Total Governmental Activities General Obligation Bondsa

Less Sinking Fund Balancea

2010

69,732,808

10,727,559

59,005,249

6,501,691,046

1.07 %

37,028,525

2011

73,529,341

11,862,533

61,666,808

6,555,557,566

1.12 %

2012

72,325,000

12,112,690

60,212,310

6,525,004,824

1.11 %

2013

72,678,038

11,734,785

60,943,253

6,562,775,286

2014

72,803,641

11,769,385

61,034,256

6,671,918,494

2015

79,142,155

11,878,271

67,263,884

2016

85,897,257

13,511,291

72,385,966

2017

89,967,590

14,301,300

2018

89,200,374

15,259,184

2019

88,458,169

14,481,229

Fiscal Year Ended June 30,

Ratio of Total General Debt to Estimated Total Estimated Actual Actual Valueb Valuationb

Total Personal Income (in thousands)c

Ratio of Total General Debt Per Personal Income

Average Daily Membership (ADM)d

Ratio of Total General Debt Per Studentd

0.19 %

14,949

4,665

40,885,803

0.18 %

14,830

4,958

44,545,083

0.16 %

14,836

4,875

1.11 %

45,544,362

0.16 %

15,190

4,785

1.09 %

47,726,528

0.15 %

15,486

4,701

6,905,133,965

1.15 %

50,060,454

0.16 %

15,700

5,041

7,085,583,042

1.21 %

49,475,553

0.17 %

15,919

5,396

75,666,290

7,368,526,233

1.22 %

50,667,475

0.17 %

15,887

5,694

73,941,190

7,564,864,003

1.18 %

54,941,840

0.17 %

15,797

5,867

73,976,940

7,841,339,927

1.13 %

59,497,322

0.15 %

15,655

5,650

Net General Obligation Bonded Debt

Premiums received on issuance of debt are transferred to Sinking Fund, therefore, the net bonded debt outstanding is net of premiums and related discounts per GASB Q&A 9.24.6; the amounts reflect bonded debt, net of related premiums, discounts, and adjustments. The debt and premiums can be found on Note D, Long- Term Debt of the Notes to the Financial Statements.

Estimated actual valuation is taken from the table, Assessed and Estimated Actual Value of Taxable Property, which the District considers a more appropriate economic base than personal income on which to calculate the debt ratio. However, personal income ratios are included.

Calculations based on the 2019 Tulsa Chamber of Commerce Economic Profile MSA population projection multiplied by 2019 projected per capita income.

Since the District lies within the boundaries of two Oklahoma cities, per capita calculations are based on the end of year average daily membership (ADM) audited by the Oklahoma State Department of Education as a more relevant indicator of the debt ratio.

See Demographic and Economic Statistics. Note: The District issues only general obligation bonds. Sources:

District records Tulsa County Assessor Oklahoma State Department of Education

Union Public Schools RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS Fiscal Year Ended June 30,

Total General Obligation Bonds

Less: Sinking Fund Balancea

Net General Bonded Debt Outstanding

Total Estimated Actual Valueb

Ratio of Total Debt to Estimated Actual Valuationb

Average Daily Membership (ADM)c

Ratio of Total Debt Per Studentc

2010

69,732,808

10,727,559

59,005,249

6,501,691,046

1.07 %

14,949

4,665

2011

73,529,341

11,862,533

61,666,808

6,555,557,566

1.12 %

14,830

4,958

2012

72,325,000

12,112,690

60,212,310

6,525,004,824

1.11 %

14,836

4,875

2013

72,678,038

11,734,785

60,943,253

6,562,775,286

1.11 %

15,190

4,785

2014

72,803,641

11,769,385

61,034,256

6,671,918,494

1.09 %

15,486

4,701

2015

79,142,155

11,878,271

67,263,884

6,905,133,965

1.15 %

15,700

5,041

2016

85,897,257

13,511,291

72,385,966

7,085,583,042

1.21 %

15,919

5,396

2017

89,967,590

14,301,300

75,666,290

7,368,526,233

1.22 %

15,887

5,663

2018

92,685,000

15,259,184

77,425,816

7,564,864,003

1.23 %

15,797

5,867

2019

92,107,814

14,481,229

77,626,585

7,841,339,927

1.17 %

15,655

5,884

Premiums received on issuance of debt are transferred to Sinking Fund, therefore, the net bonded debt outstanding is net of premiums and related discounts per GASB Q&A 9.24.6; the amounts reflect bonded debt, net of related premiums, discounts, and adjustments. The debt and premiums can be found on Note D, Long-Term Debt of the Notes to the Financial Statements.

See Demographic and Economic Statistics. Note: The District issues only general obligation bonds. Sources:

District records Tulsa County Assessor Oklahoma State Department of Education

Union Public Schools DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of June 30, 2019 Amount Subject to Taxation in Districta

Estimated Percent Applicable to the Districtb

848,916,245

$ 848,916,245

100.00 %

1,271,870 6,074,154,760 6,074,154,760 3,658,810,283

28,741 848,916,245 848,916,245 642,676,312

15,808,391,673

2,340,537,543

Net Assessed Valuationa

Jurisdiction

Net General Obligation Bonded Debt Outstandingc

Amount Applicable to the District

AS IT APPLIES TO A RESIDENT OF THE CITY OF TULSA: DIRECT: Union Public Schools

OVERLAPPING: Tulsa County (unincorporated) Tulsa Technology Center #18 Tulsa Community College City of Tulsad Total Overlapping

2.26 13.98 13.98 17.57

92,107,814

$ 92,107,814

395,600,000

69,487,820

395,600,000

69,487,820

$ 487,707,814

$ 161,595,634

92,107,814

$ 92,107,814

133,740,000

35,363,078

133,740,000

35,363,078

$ 225,847,814

$ 127,470,892

% % % %

Total Direct and Overlapping AS IT APPLIES TO A RESIDENT OF THE CITY OF BROKEN ARROW: DIRECT:

Union Public Schools

848,916,245

$ 848,916,245

1,271,870 6,074,154,760 6,074,154,760 779,347,545

28,741 848,916,245 848,916,245 206,072,442

12,928,928,935

1,903,933,673

100.00 %

OVERLAPPING:

Tulsa County (unincorporated) Tulsa Technology Center #18 Tulsa Community College City of Broken Arrowe

Total Overlapping Total Direct and Overlapping

2.26 13.98 13.98 26.44

% % % %

2018-2019 net assessed valuations as certified by the Tulsa County Assessor.

Estimated percent was determined by the ratio of net assessed value of property subject to taxation in the District to the net assessed value of property in the overlapping unit.

Net general obligation bonded debt outstanding reflects the full amount of the liability for "bonds payable" for the governmental activities.

The City of Tulsa had judgments totaling $19,964,081 as of 6/30/2019 that are reported on the tax rolls but not included as a component of net general obligation bonded debt outstanding.

The City of Broken Arrow had judgments totaling $387,841 as of 6/30/2019 that are reported on the tax rolls but not included as a component of net general obligation bonded debt outstanding.

Union Public Schools LEGAL DEBT MARGIN LAST TEN FISCAL YEARS LEGAL DEBT MARGIN CALCULATION FOR FISCAL YEAR 2019: 10% of 2018-2019 Net Assessed Valuation Debt Applicable to Limitation Less Sinking Fund Balance Legal Debt Margin

Fiscal Year Ended June 30,

Net Assessed Valuationa

92,107,814 (14,481,229)

Legal Debt Limit 10% of Net Assessed Valuationb

$ 84,891,625 $

77,626,585 7,265,040

Outstanding GO Total Net Debt Bonded Less Sinking Fund Subject to Legal Indebtedness Balancec Limit

Legal Debt Margind

2010

704,142,604

70,414,260

69,732,808

10,727,559

59,005,249

11,409,011

83.80%

2011

711,032,163

71,103,216

73,529,341

11,862,533

61,666,808

9,436,408

86.73%

2012

705,713,513

70,571,351

72,325,000

12,112,690

60,212,310

10,359,041

85.32%

2013

710,688,122

71,068,812

72,678,038

11,734,785

60,943,253

10,125,559

85.75%

2014

721,324,230

72,132,423

72,803,641

11,769,385

61,034,256

11,098,167

84.61%

2015

745,019,687

74,501,969

79,142,155

11,878,271

67,263,884

7,238,085

90.28%

2016

764,791,646

76,479,165

85,897,257

13,511,291

72,385,966

4,093,199

94.65%

2017

796,678,396

79,667,840

89,967,590

14,301,300

75,666,290

4,001,550

94.98%

2018

818,749,236

81,874,924

92,685,000

15,259,184

77,425,816

4,449,108

94.57%

2019

848,916,245

84,891,625

88,458,169

14,481,229

73,976,940

10,914,685

87.14%

Net assessed valuation is taken from the table, Assessed and Estimated Actual Value of Taxable Property.

The general obligation indebtedness of the District is limited by Oklahoma law to 10% of the net assessed value of the taxable property in the District.

Premiums received on issuance of debt are transferred to Sinking Fund, therefore, the net bonded debt outstanding is net of premiums and related discounts.

The legal debt margin is the additional debt incurring capacity of the District as allowed by Oklahoma law.

Note: The District has no default of record on principal and interest payments of its general obligation bonded indebtedness. Sources:

Percent of Net Debt to Debt Limit

District records and the Tulsa County Assessor

COMPREHENSIVE ANNUAL FINANCIAL REPORT Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place.

Union Public Schools DEMOGRAPHIC AND ECONOMIC STATISTICSa LAST TEN FISCAL YEARS

Fiscal Year Ended June 30,

Official State October 1 Enrollmentb

Average Daily Membership (ADM)b

% Change in Average Daily Membership

Net Assessed Valuation (NAV)c

Per Student NAVd

Average Daily Attendance (ADA)b

Student Attendance Percentage

Expenditure Appropriation Approved by County Excise Boarde

2010

14,949

2.63 %

704,142,604

47,103

14,136

94.56

110,793,135

2011

14,888

14,830

-0.80 %

711,032,163

47,946

14,067

94.86

108,378,416

2012

14,990

14,836

0.04 %

705,713,513

47,568

14,083

94.92

107,941,925

2013

15,299

15,190

2.39 %

710,688,122

46,787

14,405

94.83

110,993,896

2014

15,526

15,486

1.95 %

721,324,230

46,579

14,733

95.14

115,095,294

2015

15,826

15,700

1.38 %

745,019,687

47,453

14,776

94.11

121,132,642

2016

16,006

15,919

1.39 %

764,791,646

48,043

15,151

95.18

123,025,936

2017

15,960

15,887

-0.20 %

796,678,396

50,147

14,865

93.57

123,455,923

2018

15,847

15,797

-0.57 %

818,749,236

51,829

14,813

93.77

123,558,338

2019

15,773

15,655

-0.90 %

848,916,245

54,227

14,703

93.92

139,486,780

Union Public Schools district specific demographic data.

October 1 enrollment, end of year average daily membership (ADM), and end of year average daily attendance (ADA) audited by the Oklahoma State Department of Education obtained from District records.

Obtained from the Tulsa County Assessor.

Since the District lies within the boundaries of two Oklahoma cities, per capita calculations are based on the final audited average daily membership (ADM) certified by the Oklahoma State Department of Education as a more relevant indicator of the debt ratio.

Obtained from the General Fund Estimate of Needs.

Union Public Schools DEMOGRAPHIC AND ECONOMIC STATISTICSab LAST TEN FISCAL YEARS

Fiscal Year Ended June 30,

Population

Total Personal Income (in thousands)c

Real Per Capita Personal Income

Labor Force

Unemployment Rate

2010

939,858

37,028,525

39,398

462,873

7.3 %

2011

945,927

40,885,803

43,223

458,911

6.2 %

2012

952,836

44,545,083

46,750

466,927

5.4 %

2013

962,944

45,544,362

47,297

468,063

5.3 %

2014

969,224

47,726,528

49,242

465,969

4.5 %

2015

975,096

50,060,454

51,339

476,569

4.4 %

2016

987,201

49,475,553

50,117

475,681

5.0 %

2017

988,248

50,667,475

51,270

476,252

4.5 %

2018d

991,909

54,941,840

55,390

484,343

3.7 %

2019e

1,006,076

59,497,322

59,138

487,305

3.3 %

Tulsa MSA specific demographic data.

Data obtained from the Tulsa Metro Chamber 2019 Economic Profile.

Calculation based on the 2019 Tulsa Chamber of Commerce Economic Profile MSA population projection multiplied by 2019 projected per capita income.

Estimate based on data obtained from the Tulsa Metro Chamber.

Projection based on data obtained from the Tulsa Metro Chamber.

Note: Tulsa MSA comprises seven counties: Creek, Okmulgee, Osage, Pawnee, Rogers, Tulsa and Wagoner.

Union Public Schools TULSA AREA PRINCIPAL EMPLOYERSa Current Year and Nine Years Ago 2019 Employer Saint Francis Healthcare System Wal-Mart/Sam's Club Tulsa Public Schools Hillcrest Healthcare System American Airlines Maintenance St. John Health System City of Tulsa Reasor's Tulsa County QuikTrip Cherokee Hard Rock Hotel and Casino Bank of Oklahoma

Employeesb 7,500 5,000 5,000 5,000 5,000 5,000 2,500 2,500 2,500 2,500

Rank 1 2 3 4 5 6 7 8 9 10

Percentage of Total Employmentc 0.75 % 0.50 % 0.50 % 0.50 % 0.50 % 0.50 % 0.25 % 0.25 % 0.25 % 0.25 %

42,500

4.25 %

Tulsa MSA specific demographic data.

Based on the estimated labor force from District records.

Based on the projected total labor force from the Tulsa Metro Chamber 2019 Economic Profile of 1,006,076 .

Based on the actual labor force from District records.

Based on the total labor force count from the Tulsa Metro Chamber 2019 Economic Profile of 995,747.

2010 Employeesd 6,110 8,000 7,825 3,876 6,700 6,000 3,841 2,700 2,500 2,177 49,729

Rank 4 2 6 3 5 7 8 9 10

Percentage of Total Employmente 0.61 % 0.79 % 0.39 % 0.67 % 0.60 % 0.39 % 0.27 % 0.25 % 3.97 %

COMPREHENSIVE ANNUAL FINANCIAL REPORT Operating Information These schedules contain service and other data to help the reader understand how the information in the District's financial report relates to the services the District provides and the activities it performs.

Union Public Schools CAPITAL ASSETS BY FUNCTION AND ACTIVITY LAST TEN FISCAL YEARS 2010

2011

2012

2013

2014

2015

2016a

2017

2018

2019

GOVERNMENTAL ACTIVITIES Instruction $ 234,964,269 $ 245,381,216 $ 262,949,666 $ 275,203,336 $ 286,362,427 $ 298,843,743 $ 314,804,797 $ 331,698,027 $ 345,952,094 $ 360,015,471 Student 358,280 446,547 515,152 576,445 588,574 624,949 648,950 617,627 586,487 512,313 Instructional support 1,327,070 1,307,124 1,332,661 1,680,268 3,335,568 3,437,293 3,451,081 3,713,132 3,619,537 3,287,864 General administration 336,722 339,917 335,573 278,228 311,319 339,206 345,537 338,059 309,326 291,728 School administration 1,396,754 1,500,033 1,543,836 1,576,082 1,622,512 1,616,091 1,584,397 1,503,959 1,435,251 1,380,497 Business 3,782,928 4,432,703 5,014,475 5,741,975 6,195,641 6,379,588 6,672,201 6,813,096 7,045,595 7,198,833 Operations and maintenance 4,215,686 4,881,904 5,374,484 5,843,985 6,223,361 6,710,023 7,444,818 7,954,571 8,372,468 9,121,324 Transportation 6,582,237 7,080,336 7,003,299 8,470,900 8,375,344 9,718,552 9,720,644 10,808,134 10,206,830 12,184,571 Support services 3,272,656 5,093,473 4,856,513 4,856,513 4,856,513 4,821,501 4,821,501 4,821,501 4,821,501 Other support services 35,012 35,012 35,012 35,012 Non-instructional 5,156 2,119 107,979 117,114 122,278 86,024 4,444,231 4,521,858 4,496,359 Other-unclassified 1,874,878 1,862,946 1,862,946 1,862,946 1,848,643 1,839,734 1,834,238 1,834,238 1,834,238 1,826,016 Total Governmental Activities 258,111,480 272,331,355 285,934,211 306,198,657 319,837,016 334,487,970 351,449,200 374,581,587 388,740,197 405,171,489 BUSINESS-TYPE ACTIVITIES Child nutrition services Total Capital Assets

2,172,502

2,254,484

2,244,273

2,301,652

2,779,165

$ 260,283,982 $ 274,585,839 $ 288,178,484 $ 308,500,309 $ 322,616,181 $ 337,805,316 $ 351,449,200 $ 374,581,587 $ 388,740,197 $ 405,171,489

In 2015-2016 the District reclassified the Child Nutrition Fund from a Business-type activity to a Governmental activity.

Sources:

3,317,346

District records

Union Public Schools EMPLOYEE INFORMATION LAST TEN FISCAL YEARS 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CERTIFIED PERSONNEL Bachelor's

Minimum salary Maximum salary Average salary Number of teachers

31,600 49,287 36,186 663

31,600 49,287 35,980 629

31,600 49,829 36,106 622

31,600 50,576 35,812 617

31,600 51,461 35,754 642

32,050 52,461 36,152 674

32,150 53,248 36,495 653

32,350 53,780 36,478 646

32,697 54,856 36,822 632

39,000 62,150 43,868 638

Minimum salary Maximum salary Average salary Number of teachers

32,800 54,014 42,409 320

32,800 54,014 41,865 310

32,800 54,608 42,287 303

32,800 55,427 40,961 322

32,800 56,397 40,946 318

33,250 57,397 41,103 315

33,400 58,258 41,017 326

33,600 58,841 40,856 321

33,972 60,018 41,244 325

41,000 66,550 48,987 344

Minimum salary Maximum salary Average salary Number of teachers

34,000 56,429 43,871 15 998

34,000 56,429 43,681 14 953

34,000 57,049 46,822 12 937

34,000 57,905 45,857 10 949

34,000 58,918 44,678 15 975

34,450 59,918 47,407 15 1,004

34,600 60,817 47,259 12 991

34,800 61,425 48,809 11 978

35,196 62,654 51,525 11 968

46,500 70,350 59,385 14 996

785

753

784

866

855

887

907

920

903

908

Master's

Doctor's

Total certified personnel SUPPORT PERSONNEL Number of Support

ADMINISTRATIVE PERSONNEL Number of administrators

Notes: Salary ranges are per the Union Classroom Teacher's Association (UCTA) Master Contract which is negotiated annually. Employee counts are taken from the census information that is obtained each Spring for negotiation purposes. Source: District records

Union Public Schools OPERATING STATISTICS LAST TEN FISCAL YEARS

Fiscal Year Ended June 30,

Average Daily Membership (ADM)a

Operating Expendituresb

Cost Per Pupilc

Percentage Change

Teaching Staffd

Pupil/Teacher Ratio

Number of Graduatese

2010

14,949

122,778,226

8,213

1.72

998

15:1

941

2011

14,830

121,724,658

8,208

1.62

953

16:1

962

2012

14,836

125,230,487

8,441

0.50

937

16:1

929

2013

15,190

129,141,650

8,502

0.71

937

16:1

967

2014

15,486

132,928,940

8,584

0.96

975

16:1

932

2015

15,700

136,330,809

8,683

4.95

1,004

16:1

1,075

2016

15,919

141,848,815

8,911

0.02

991

16:1

1,063

2017

15,887

132,885,970

8,364

-5.42

978

16:1

1,059

2018

15,797

138,784,093

8,785

5.03

978

16:1

1,065

2019

15,655

164,242,916

10,491

19.42

968

16:1

1,128

Final audited average daily membership (ADM) obtained from the Oklahoma State Department of Education.

Operating expenditures are the total expenses of the school district as reported in the Government-Wide Statement of Activities.

Cost per pupil is calculated by dividing operating expenditures by the final audited average daily membership (ADM) certified by the Oklahoma State Department of Education..

Teaching staff includes all certified personnel whose pay is based on the Union Classroom Teacher's Association (UCTA) Master Contract.

Number of graduates obtained from District records maintained by the Union High School Registrar.

Union Public Schools SUPPORT SERVICES STATISTICS LAST TEN FISCAL YEARS

Fiscal Year Ended June 30,

Average Daily Membership Free and (ADM)a Reduced Countb

Child Nutrition Free and Number Of Reduced Breakfast Percentage Servedb

Number Of Lunches Servedb

Number of Buses Operatedb

Transportation Estimated Number of Miles Average Daily Drivenb Haul (ADH)a,c

2010

14,949

7,048

47.15 %

589,604

1,365,467

840,055

10,281

2011

14,830

7,565

51.01 %

637,214

1,399,876

875,315

10,457

2012

14,836

8,029

54.12 %

679,169

1,467,554

919,585

10,384

2013

15,190

8,692

57.22 %

793,184

1,533,596

974,206

9,562

2014

15,486

9,115

58.86 %

866,848

1,567,895

1,021,023

11,003

2015

15,700

10,323

65.75 %

964,128

1,673,119

105

1,050,683

9,719

2016

15,919

10,619

66.71 %

990,501

1,681,008

115

1,125,644

9,747

2017

15,887

11,101

69.87 %

982,190

1,681,613

112

1,073,008

10,168

2018

15,797

11,339

71.78 %

958,538

1,655,640

1,098,144

9,966

2019

15,655

10,232

65.36 %

993,215

1,681,986

109

1,159,028

9,685

End of year audited average daily membership (ADM) and average daily haul (ADH) obtained from the Oklahoma State Department of Education.

Obtained from District records.

Average daily haul (ADH) includes both bus route and bus activity miles obtained from the Oklahoma State Department of Education.

District Building Elementary: Andersen Elementary (1984) Square feet Capacity (students) Enrollment Percentage of capacity used Boevers Elementary (1975) Square feet Capacity (students) Enrollment Percentage of capacity used Briarglen Elementary (1971) Square feet Capacity (students) Enrollment Percentage of capacity used Cedar Ridge Elementary (1994) Square feet Capacity (students) Enrollment Percentage of capacity used Clark Elementary (1977) Square feet Capacity (students) Enrollment Percentage of capacity used Darnaby Elementary (1979) Square feet Capacity (students) Enrollment Percentage of capacity used Grove Elementary (1974)a Square feet Capacity (students) Enrollment Percentage of capacity used Jarman Elementary (1991) Square feet Capacity (students) Enrollment Percentage of capacity used

2010

Union Public Schools SCHOOL BUILDING INFORMATION Last Ten Fiscal Years

2011

2012

2013

2014

2015

2016

2017

2018

2019

67,709 600 477 79.50 %

67,709 600 458 76.33 %

67,709 600 469 78.17 %

67,709 600 463 77.17 %

67,709 600 477 79.50 %

67,709 600 466 77.67 %

67,709 600 463 77.17 %

67,709 600 429 71.50 %

67,709 600 441 73.50 %

67,709 600 459 76.50 %

59,773 600 552 92.00 %

59,773 600 562 93.67 %

59,773 600 539 89.83 %

59,773 600 555 92.50 %

59,773 600 558 93.00 %

59,773 600 592 98.67 %

59,773 600 580 96.67 %

59,773 600 575 95.83 %

59,773 600 612 102.00 %

59,773 600 609 101.50 %

61,349 600 542 90.33 %

61,349 600 541 90.17 %

61,349 600 517 86.17 %

61,349 600 525 87.50 %

61,349 600 553 92.17 %

61,349 600 600 100.00 %

61,349 600 620 103.33 %

61,349 600 612 102.00 %

61,349 600 -%

82,000 600 564 94.00 %

82,000 600 551 91.83 %

82,000 600 575 95.83 %

82,000 600 548 91.33 %

82,000 600 518 86.33 %

82,000 600 504 84.00 %

82,000 600 500 83.33 %

82,000 600 482 80.33 %

82,000 600 479 79.83 %

82,000 600 506 84.33 %

71,480 600 604 100.67 %

71,480 600 603 100.50 %

71,480 600 564 94.00 %

71,480 600 623 103.83 %

71,480 600 638 106.33 %

71,480 600 609 101.50 %

71,480 600 659 109.83 %

71,480 600 672 112.00 %

71,480 600 696 116.00 %

71,480 600 674 112.33 %

73,458 600 572 95.33 %

73,458 600 533 88.83 %

73,458 600 638 106.33 %

73,458 600 667 111.17 %

73,458 600 647 107.83 %

73,458 600 622 103.67 %

73,458 600 610 101.67 %

73,458 600 640 106.67 %

73,458 600 651 108.50 %

73,458 600 643 107.17 %

60,777 600 628 104.67 %

60,777 600 606 101.00 %

60,777 600 582 97.00 %

77,028 600 602 100.33 %

77,028 600 611 101.83 %

77,028 600 625 104.17 %

77,028 600 636 106.00 %

77,028 600 581 96.83 %

77,028 600 543 90.50 %

77,028 600 552 92.00 %

68,592 600 520 86.67 %

68,592 600 556 92.67 %

68,592 600 584 97.33 %

68,592 600 582 97.00 %

68,592 600 601 100.17 %

68,592 600 600 100.00 %

68,592 600 591 98.50 %

68,595 600 630 105.00 %

68,592 600 583 97.17 %

68,592 600 551 91.83 %

Union Public Schools SCHOOL BUILDING INFORMATION Last Ten Fiscal Years District Building Mcauliffe Elementary (1987) Square feet Capacity (students) Enrollment Percentage of capacity used Moore Elementary (2000) Square feet Capacity (students) Enrollment Percentage of capacity used Ochoa Elementary (2017) Square Feet Capacity (students) Enrollment Percentage of capacity used Peters Elementary (1978) Square feet Capacity (students) Enrollment Percentage of capacity used Rosa Parks (2006)f Square feet Capacity (students) Enrollment Percentage of capacity used Thomas Jefferson (2008) Square feet Capacity (students) Enrollment Percentage of capacity used Secondary: 6th/7th Grade Center (1993)a Square feet Capacity (students) Enrollment Percentage of capacity used

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

70,316 600 518 86.33 %

70,316 600 557 92.83 %

70,316 600 630 105.00 %

70,316 600 666 111.00 %

70,316 600 705 117.50 %

70,316 600 593 98.83 %

70,316 600 621 103.50 %

70,316 600 655 109.17 %

70,316 600 607 101.17 %

74,632 600 470 78.33 %

74,632 600 488 81.33 %

74,632 600 506 84.33 %

74,632 600 488 81.33 %

74,632 600 482 80.33 %

74,632 600 588 98.00 %

74,632 600 597 99.50 %

74,632 600 568 94.67 %

74,632 600 511 85.17 %

70,705 592 546 92.23 %

76,705 592 560 94.59 %

70,893 600 567 94.50 %

70,893 600 543 90.50 %

70,893 600 526 87.67 %

70,893 600 512 85.33 %

70,893 600 500 83.33 %

70,893 600 528 88.00 %

70,893 600 496 82.67 %

70,893 600 455 75.83 %

70,893 600 463 77.17 %

70,893 600 441 73.50 %

71,300 600 621 103.50

71,300 600 607 101.17

71,300 600 631 105.17 %

71,300 600 669 111.50 %

71,300 600 709 118.17 %

71,300 600 771 128.50 %

87,550 900 794 88.22 %

87,550 900 833 92.56 %

87,550 900 864 96.00 %

87,550 900 844 93.78 %

69,356 600 515 85.83

69,356 600 535 89.17

69,356 600 547 91.17

69,356 600 526 87.67 %

69,356 600 576 96.00 %

69,356 600 558 93.00 %

69,356 600 554 92.33 %

69,356 600 568 94.67 %

69,356 600 545 90.83 %

69,356 600 579 96.50 %

276,126 2,200 2,248 102.18 %

276,126 2,200 2,240 101.82 %

276,126 2,200 2,197 99.86 %

292,416 2,440 2,266 92.87 %

292,416 2,440 2,272 93.11 %

292,416 2,440 2,226 91.23 %

292,415 2,440 2,322 95.16 %

292,416 2,440 2,306 94.51 %

292,416 2,440 2,298 94.18 %

292,416 2,440 2,369 97.09 %

Union Public Schools SCHOOL BUILDING INFORMATION Last Ten Fiscal Years District Building 8th Grade Center (1982)b Square feet Capacity (students) Enrollment Percentage of capacity used 9th Grade Center (1987)c Square feet Capacity (students) Enrollment Percentage of capacity used Senior High School (1972)c Square feet Capacity (students) Enrollment Percentage of capacity used Other: Operations/Clinic/AltEd(1979) Square feet Extended Education Building (1996) Square feet Linde Building/New Education Service Center (2005) Square feet Union Multipurpose Activity Center (2003) Square feet Rosa Parks Early Childhood Center (2008)d Square feet Union Welcome and Enrollment Center (2013)e Square feet Math & Science (STEM)Building Square feet

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

165,620 1,300 1,054 81.08 %

165,620 1,300 1,101 84.69 %

165,620 1,300 1,092 84.00 %

165,620 1,300 1,168 89.85 %

165,620 1,300 1,126 86.62 %

165,620 1,300 1,205 92.69 %

263,309 1,300 1,173 90.23 %

263,309 1,300 1,174 90.31 %

263,309 1,300 1,197 92.08 %

263,309 1,300 1,140 87.69 %

458,590 2,200 2,343 106.50 %

458,590 2,200 2,213 100.59 %

458,590 2,200 2,178 99.00 %

458,590 2,200 1,201 54.59 %

458,590 2,200 1,217 55.32 %

458,590 2,200 1,236 56.18 %

458,590 2,200 1,301 59.14 %

458,590 2,200 1,238 56.27 %

463,450 2,200 1,267 57.59 %

463,450 2,200 1,264 57.45 %

611,119 2,200 2,163 98.32 %

611,119 2,200 2,146 97.55 %

611,119 2,200 2,165 98.41 %

728,119 3,490 3,238 92.78 %

728,119 3,490 3,336 95.59 %

728,119 3,490 3,500 100.29 %

728,119 3,490 3,489 99.97 %

728,119 3,490 3,542 101.49 %

745,220 3,490 3,448 98.80 %

745,220 3,490 3,464 99.26 %

104,915

12,948

63,000

150,400

32,000

2,783

23,783

24,428

(2017)g

Note: Enrollment is based on the annual October 1 District child count required by the Oklahoma State Department of Education. All building information was obtained from District records. Increase in capacity is only shown when the square footage added was for regular instructional classroom space. Capacity is based on an average of 30 students per classroom. a

Fine Arts wing opened in 2012-2013

8th Grade Center expansion project completed and opened in 2015-2016

In 2012-2013, the 10th grade moved to the High School

Building owned by Tulsa Community Action Project; operated by Union Public Schools. The facility currently houses a 3-year old program

Building purchased 2012-2013

Expansion completed 2014-2015

Building purchased in 2016-2017

Union Public Schools INSURANCE SCHEDULE June 30, 2019 Coverage

Deductible

EFFECTIVE 7/1/2018 - 6/30/2019 COMMERCIAL PROPERTY (1) Building and contents (all locations, electronic data processing) Equipment breakdown (boiler & machinery) Wind & hail buy down Part I Wind & hail buy down Part II All other perils Flood Earthquake PRIMARY CASUALTY (2) General Liability Employee Benefits Liability Automobile Liability Auto Physical Damage

1,000,000 1,000,000 1,000,000 1,000,000

Umbrella Educators Legal Liability

10,000,000

Coverge A Educators Legal Liability for Monetary Damages Coverage B Defense Expense for Injunctive Relief WORKERS COMPENSATION (3) Employers Liability - Each Accident Employers Liability - Each Employee Employers Liability - Policy Limit Storage Tank Pollution Liability (4) Medical Professional Liability (5) Fiduciary Liability (6) Includes $250,000 for fines in connection with HIPAA law Cyber (7) Crime (8) (1)

Swiss RE, Colony Specialty, Maxum, Lloyds, Munich Re, RSUI, RSUI & lloyds Buydowns

(2)

American Alternative Insurance Corp (Glatfelter)

(3)

CompSource Oklahoma (OSAG)

(4)

ACE American (Chubb)

(5)

Admiral Insurance Group

(6)

Federal Insurance Company (Chubb)

(7)

National Union Fire Insurance Company of Pttsburgh (AIG)

(8)

Federal Insurance Company (Chubb)

250,000,000 100,000 2,000,000 475,000 25,000,000 25,000,000

1,000,000 each act/3,000,000 aggregate 100,000 each act /300,000 aggregate 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 per /2,000,000 aggregate 2,000,000 2,000,000 5,000,000

2,500,000 10,000 500,000 25,000 25,000 25,000 25,000 2,000 Underlying Policy Limits

50,000 5,000 5,000 10,000 25,000 25,000 50,000

Note: The District is self-insured for health insurance coverage and UMR is the third-party administrator (TPA). The District became self-insured for dental insurance January 2019 and Delta Dental of Oklahoma is the TPA. Source: International Insurance Brokers

100

UNION PUBLIC SCHOOLS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ending June 30, 2019