Wapanucka Public School

Understanding the General Fund in Oklahoma School Finance

What is the General Fund?

• Definition:
  • The primary operating fund for the school district.
  • Supports daily operations, instructional programs, and essential services.
• Purpose:
  • To fund personnel, materials, services, and other operational costs necessary for student success.

How is the General Fund Funded?

• Primary Sources:
  1. Local Revenue: Ad valorem (property) taxes, motor vehicle taxes, and gross production taxes.
  2. State Revenue: State Aid, which includes the Foundation and Salary Incentive programs.
  3. Federal Revenue: Title I, IDEA, and other federal grants.
• Supplemental Sources:
  1. Interest income, rental of school property, and miscellaneous fees.

What Can the General Fund Be Used For?

• Allowed Uses:
  1. Salaries and benefits for teachers, staff, and administrators.
  2. Classroom supplies, instructional materials, and technology.
  3. Utilities, maintenance, and transportation services.
  4. Professional development and staff training.
• Prohibited Uses:
  1. Cannot be used to pay bond debt or other obligations covered by the sinking fund.

Legal Framework

• Oklahoma Statutes:
  • Title 70, Section 5-134: Governs the management and expenditure of the General Fund.
• Oklahoma State Board of Education Regulations:
  • Establishes guidelines for financial compliance and reporting.

Budgeting and Spending

• Annual Budget Process:
  • Board approval required before the start of each fiscal year.
  • Budget must align with district goals and state compliance requirements.
• Fund Balances:
  • Maintain adequate reserves to ensure financial stability.

Compliance and Accountability

• Oversight:
  • School board reviews and approves budgets and financial reports.
• Auditing:
  • Annual audits by the State Auditor and Inspector’s Office to ensure compliance.
• Transparency:
  • Regular public reporting to maintain community trust.

Key Takeaways

• Purpose: Supports operational and instructional needs.
• Revenue Sources: Primarily local, state, and federal funds.
• Compliance: Requires careful management and oversight.

Contact Information

Contact:

• For additional information, contact the Superintendent's Office at amcreynolds@wpss.k12.ok.us or the School Finance Division on Oklahoma State Department of Education website.