Okla. Stat. tit. 70, § 70-5-135.2: Reporting financial transactions - Reduction of State

Aid - Statement of actual income and expenditures.

A. For the 1991-92 school year, school districts shall report

financial transactions for all funds, except for the school activity

fund, using the Oklahoma Cost Accounting System, as adopted by the

State Board of Education pursuant to Section 5-135 of this title.

Costs shall be reported by curricular subject area where applicable.

For the 1992-93 school year and in each subsequent school year,

school districts shall report financial transactions for all funds

using the Oklahoma Cost Accounting System. Costs shall be reported

by curricular subject area where applicable.

B. Beginning July 1, 1991, and in each subsequent school year,

the State Department of Education shall reduce the monthly payment

of a district's State Aid funds if, at the time of such payment, the

district is not operating pursuant to the Oklahoma Cost Accounting

System. The amount of the reduction shall be one percent (1%) for

the first payment, two percent (2%) for the second payment, three

percent (3%) for the third payment, four percent (4%) for the fourth

payment, and five percent (5%) for each subsequent payment. The

reduction may be waived by the State Board of Education if the

district can demonstrate that failure to operate pursuant to such

system was due to circumstances beyond the control of the district

and that every effort is being made by the district to operate

pursuant to such system as quickly as possible.

C. No later than September 1 each year, every district board of

education shall prepare a statement of actual income and

expenditures of the district for the fiscal year that ended on the

preceding June 30. The statement of expenditures shall include

functional categories as defined in rules adopted by the State Board

of Education to implement the Oklahoma Cost Accounting System

pursuant to Section 5-135 of this title.

D. No later than September 1 each year, every school district

shall transmit a copy of the income and expenditures data required

pursuant to subsection C of this section to the State Department of

Education. The Department shall post the income and expenditure

data on the Internet web site for the Department in a form that is

accessible to the public.