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
This article appears in May 30 – Jun 5, 2007.