The Epic Charter School Board has approved a $30 million line of credit from Regent Bank, providing the virtual school with the funds necessary to cover payroll and operational costs for July 2025.
Due to the timing of state funding disbursements, public schools in Oklahoma do not receive payments during July, making this line of credit crucial for Epic’s financial survival.
Under the agreement, the school will pay interest on the borrowed amount until October 2025 and must repay the full sum by June 2026, according to school spokesperson Rob Crissinger.
Sharp Budget Cuts and Staff Layoffs
The approved 2026 fiscal year budget reflects a leaner operational plan, totaling $233.9 million in projected expenses, which is $75.9 million less than the prior fiscal year. The budget estimates $254.6 million in revenue, nearly $46 million below last year’s projections.
To align with its reduced financial outlook, Epic implemented sweeping cuts, including:
- 357 staff layoffs in June
- Closure of Blended Learning Centers in Tulsa and Oklahoma City
- Outsourcing of certain course offerings
These cuts followed an earlier round of 144 layoffs in October after the school overestimated enrollment by 4,000 students.
Leadership Changes and Fiscal Strategy
Amid these financial challenges, Superintendent Bart Banfield stepped down last week, while Deputy Superintendent Jeanise Wynn left in April.
Michael Flory, previously Epic’s executive director of data analytics and accountability, now serves as Chief Financial Officer. Flory emphasized a return to zero-based budgeting, reviewing every purchase order to justify each expense.
Epic has also appointed Daniel Haynes as Treasurer, named an Assistant Treasurer, and hired a new encumbrance clerk. The school plans to engage an external accountant and will use real-time budget dashboards to increase financial transparency.
Future Outlook: Conservative Spending and Accountability
Flory stated that Epic’s future strategy will emphasize fiscal conservatism, particularly in administrative hiring. All new hires will be metrics-driven and assessed for their necessity.
“We’re going to be focused on students, teachers, and curriculum,” Flory explained. “When hiring, we’ll first look internally to determine if current staff can absorb new responsibilities.”
Once Oklahoma’s largest school district with 60,000 students in 2020, Epic’s current enrollment has dropped by 50%, prompting the need for this budget realignment.
The approval of a $30 million credit line and a significantly reduced budget signals a pivotal moment for Epic Charter School. Leadership changes, major cost-cutting, and renewed financial oversight are all part of the school’s path to stability and transparency.
With plans to focus resources more directly on student success, Epic is working to recover from a tumultuous year and reshape its long-term outlook.