Okla. Stat. tit. 70, § 70-5-151: Purpose

The purpose of the School District Budget Act is to provide an

alternate budget procedure for school districts which will:

1. Establish standard and sound fiscal procedures for the

adoption and administration of budgets;

2. Make available to the public and investors sufficient

information as to the financial conditions, requirements and

expectations of the school district; and

3. Assist school districts to improve and implement generally

accepted standards of financial management as promulgated by the

Governmental Accounting Standards Board (GASB).