Bill requiring school board financial reporting passes Senate committee

OKLAHOMA CITY – Legislation requiring monthly financial reporting to school boards to provide increased transparency of financial records unanimously cleared the Senate Education Committee on Tuesday.  

SB 582, authored by Sen. Joseph Silk, stipulates a detailed financial report be submitted at each school district’s board of education monthly meeting.  Under the specifics of the bill, the financial report would be required to include a report prepared and submitted by the local treasurer detailing the conditions of the finances of the district, including investments.  The report would also be required to detail revenues and expenditures by fund for the most recently completed month for which financial records are available.  Any encumbrances and related change orders would also be mandatory for inclusion. The report would then be required to be posted on the school district’s website within 30 days after submission to the board.  

“I am pleased this legislation received unanimous support and approval from members of the Senate Education committee,” said Silk, R- Broken Bow.  “This measure would keep the school board, as well as the public, informed on revenue and expenditures in the district.  By providing this level of transparency, it is easier to recognize successful budgeting as well as pinpoint areas of concern that may need attention.  

SB 582 is now headed to the Senate floor for consideration.