{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-5-135.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-5-135.2","heading":"Reporting financial transactions - Reduction of State","body":"Aid - Statement of actual income and expenditures.\n\nA. For the 1991-92 school year, school districts shall report\n\nfinancial transactions for all funds, except for the school activity\n\nfund, using the Oklahoma Cost Accounting System, as adopted by the\n\nState Board of Education pursuant to Section 5-135 of this title.\n\nCosts shall be reported by curricular subject area where applicable.\n\nFor the 1992-93 school year and in each subsequent school year,\n\nschool districts shall report financial transactions for all funds\n\nusing the Oklahoma Cost Accounting System. Costs shall be reported\n\nby curricular subject area where applicable.\n\nB. Beginning July 1, 1991, and in each subsequent school year,\n\nthe State Department of Education shall reduce the monthly payment\n\nof a district's State Aid funds if, at the time of such payment, the\n\ndistrict is not operating pursuant to the Oklahoma Cost Accounting\n\nSystem. The amount of the reduction shall be one percent (1%) for\n\nthe first payment, two percent (2%) for the second payment, three\n\npercent (3%) for the third payment, four percent (4%) for the fourth\n\npayment, and five percent (5%) for each subsequent payment. The\n\nreduction may be waived by the State Board of Education if the\n\ndistrict can demonstrate that failure to operate pursuant to such\n\nsystem was due to circumstances beyond the control of the district\n\nand that every effort is being made by the district to operate\n\npursuant to such system as quickly as possible.\n\nC. No later than September 1 each year, every district board of\n\neducation shall prepare a statement of actual income and\n\nexpenditures of the district for the fiscal year that ended on the\n\npreceding June 30. The statement of expenditures shall include\n\nfunctional categories as defined in rules adopted by the State Board\n\nof Education to implement the Oklahoma Cost Accounting System\n\npursuant to Section 5-135 of this title.\n\nD. No later than September 1 each year, every school district\n\nshall transmit a copy of the income and expenditures data required\n\npursuant to subsection C of this section to the State Department of\n\nEducation. The Department shall post the income and expenditure\n\ndata on the Internet web site for the Department in a form that is\n\naccessible to the public.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a95faf5ba72b9c5bda0424711dbf516a26a7f1251b8079294013b6ef3f17ea7c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-5-135.1","next":"us-ok/okla.-stat.-tit.-70-70-5-135.4"},"notice":"GroundRules: Original legal text. Not legal advice."}