The Finance Department develops and monitors the district’s budget, classifying revenues and expenditures correctly, and preparing all financial reports and statements. Finance staff also coordinate the annual audit and maintain compliance with all state and federal regulations and reports pertaining to the fiscal operations of the district.
The district’s finances are classified within several funds, including the General Fund, Building Fund, Child Nutrition Fund, the debt service fund, and Bond Funds. The largest of these, the General Fund, is used to pay salaries of teaching and support staff members, purchase classroom supplies and textbooks, and utility and insurance costs. On average, salaries and benefits make up more than 80 percent of general fund expenditures.
Oklahoma state statutes require an annual audit by independent certified public accountants. The accounting firm Kerry John Patten, CPA, was selected by the Board to conduct the audit. In addition to meeting the requirements set forth in state statutes, the audit was also designed to meet the requirements of the Federal Single Audit Act of 1984 and related OMB Circular A-133.