State law requires that each school district in Oklahoma undergo each year an audit of its financial operation.
As required by law, the annual audit must contain at least the following:
- A statement of the scope of examination;
- The auditor’s opinion as to whether the audit was made in accordance with generally accepted auditing standards as heretofore established;
- The auditor’s opinion as to whether the financial statements included in the audit report present fairly the results of the operations during the period audited;
- The auditor’s opinion as to whether the financial statements accompanying the audit report were prepared in accordance with generally accepted accounting principles applicable to schools and in accordance with the laws of the State of Oklahoma and the rules and regulations of the State Board of Education;
- The reason or reasons an opinion is not rendered with respect to paragraphs 3 and 4 in the event the auditor is unable to express an opinion with respect thereto;
- The auditor’s opinion as to whether the school’s budgetary and disbursement procedures conform to the requirements of the Oklahoma Statutes;
- Financial statements presented in the form and manner approved by the State Board of Education so as to disclose the results of the operations of each fund of the public school.
The audit is conducted after the end of the fiscal year and must be submitted to the school board within 10 months after the close of the fiscal year. When the audit is completed, the auditor conducts a “final exit interview” at a board meeting. After receiving the audit, copies are forwarded to the county clerk and the State Board of Education.
Below are links to recent audits of Western Heights:
ESTIMATE OF NEEDS
Each year as part of the process of creating a budget, each school district in Oklahoma creates an “estimate of needs,” an itemized estimate of proposed expenditures and anticipated revenues. A summary of the estimate of needs is printed in a local newspaper, and the full estimate of needs is presented to the county excise board.
The county excise board examines the estimate of needs. Once it’s determined that the estimate of needs adequately and lawfully addresses budgetary needs with the income available, the property tax necessary to support the school district’s mission, instruction and activities is computed.
Here are links to recent estimates of needs:
Click here to view the Oklahoma State Department of Education Oklahoma Cost Accounting System (OCAS) School District Financial Information.
Western Heights' budget each year is detailed in the district's budget guide. The document includes detailed information about governmental fund budgets – budgets for the general fund, building fund, child nutrition fund and sinking fund. Salary schedules and the district's estimate of needs are also included.