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OKC school system earns another clean audit


Emily Jerman May 30th, 2007

The Oklahoma City Public Schools district garnered a clean audit for the fourth year in a row, district officials announced Tuesday. The report refers to the 2005-2006 school year. ...

The Oklahoma City Public Schools district garnered a clean audit for the fourth year in a row, district officials announced Tuesday. The report refers to the 2005-2006 school year.

 

According to the audit, performed by public accounting firm Cole & Reed, revenues for the school year were about $255 million, and the fund balance increased to $10.6 million, or 4.13 percent of the district budget.

           

Compare that to four years before, when, according to the district, the fund balance was less than $7,000, and before the 2002-2003 school year, when OKCPS had not been independently audited with a clean report for a decade or more.

 

VALIDATION

School board chairman Cliff Hudson said the clean audits illustrate "major leaps in restoring the financial integrity of the district."

 

"This year's audit findings validate "¦ the series of aggressive actions we took several years ago to rebuild our financial systems as well as substantially improve accounting practices and the management of funds," he said, in a release.

 

OKCPS is working toward increasing the fund balance to 4.5 percent of the budget. "Emily Jerman

 

 
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