Okla. Stat. tit. 70, § 70-5-155: Nature and contents of budget - Budget summary and

message - Hearing - Effect of adoption - Tax levies.

A. The school district budget shall represent a complete plan

for the school district and shall present information necessary and

proper to disclose the financial position and condition of the

school district and the revenues and expenditures thereof, both past

and anticipated.

B. A school district budget shall contain a budget summary. It

shall also be accompanied by a budget message which shall explain

the budget and describe its important features. It shall contain at

least the following in tabular form for each fund:

1. Actual revenues and expenditures for the immediate prior

fiscal year;

2. Revenues and expenditures for the current fiscal year as

shown by the budget for the current year as adopted or amended; and

3. Estimates of revenues and expenditures for the budget year.

C. The school district governing body shall hold a public

hearing on the proposed budget within forty-five (45) days preceding

the beginning of the budget year. Notice of the date, time and

place of the hearing, together with the proposed budget summary,

shall be published in a newspaper of general circulation in the

school district not less than five (5) days before the date of the

hearing. The clerk of the board shall make available a sufficient

number of copies of the proposed budget as the governing body shall

determine and shall have them available for review or for

distribution at the office of the chief financial officer. At the

public hearing on the budget any person may present to the governing

body comments, recommendations or information on any part of the

proposed budget.

D. The adopted budget shall be in effect no later than the

first day of the fiscal year to which it applies. The budget as

adopted and filed with the State Auditor and Inspector shall

constitute an appropriation for each fund, and the appropriation

thus made shall not be used for any other purpose except as provided

by law.

E. Each school district shall amend the original budget after

June 30 of each year after the June financial activity has been

recorded, the annual Foundation and Salary Incentive Aid allocation

has been released, and the property tax valuations have been

certified for all affected counties within the school district. The

amended budget shall include all of the following information which

is applicable:

1. Valuation of the school district by county and

classification, excluding homestead exemptions;

2. Bonded debt and judgments outstanding, including interest

rates by maturity;

3. Matured debt and judgments;

4. Sinking fund balance, including cash and investments;

5. Sinking fund levy calculations, including surplus/deficit,

principal accrual, annual interest, judgment installment and

interest, total net levy and delinquency;

6. Levies in millage for general fund, building fund and

sinking fund;

7. Millage adjustment factor, if applicable;

8. Previous year sinking fund collections, including total

proceeds as certified, additions or deductions, reserve for

delinquent tax, reserve for protest pending, tax apportioned, net

balance in process of collection, and excess collections; and

9. Surplus analysis, including itemized sources of excess and

deductions.

F. At the time required by law, the county excise board shall

levy the taxes necessary for the school district general fund,

building fund and sinking fund for the budget year pursuant to

Sections 397 and 399 of Title 62 of the Oklahoma Statutes, and for

the school district general and building funds for the budget year

pursuant to Section 9 of Article X of the Oklahoma Constitution.