For the fourth year in a row, Oklahoma City Public Schools has received a clean audit.
Accounting firm Cole & Reed issued the audit of financial statements, which covers the 2005-06 school year.
OKCPS increased its fund balance in 2005-06 to $10.6 million, reflecting the continued financial improvement of the district, according to a press release. Four years ago, the district’s balance was less than $7,000.
“I am very pleased with the progress the district has made the past four years. We have made major leaps in restoring the financial integrity of the district. This year’s audit findings validate once again 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. These were the right moves and they are continuing to pay dividends for our district and our taxpayers,” school board Chair Cliff Hudson said in the release.
Hudson complimented interim Superintendent Linda Brown and district financial head Scott Randall. Continuing, he said: “We are headed in the right direction on the financial front.”
Brown said a clean audit was every district’s goal.
“Financial accountability was a major tenet of the community report leading up to MAPS for Kids. We are ever cognizance of our responsibility to the community in this area. Each year we receive a ‘clean audit opinion’ we are one year closer to becoming a model urban school district,” she said.
Before the 2002-03 school year, the district had not received a clean audit from independent auditors for at least a decade.
The audit shows total revenues for the 2005-06 year at approximately $255 million. The $10.6 million fund balance equals 4.13 percent of the district’s budget. The district’s goal is to grow the fund balance to 4.5 percent of the budget or roughly $11.5 million.
The district operates 91 schools with more than 40,500 students.