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Building Fund

Understanding the Building Fund in Oklahoma School Finance

 

What is the Building Fund?

  • Definition:
    • A dedicated fund used for maintenance, repairs, and improvements of school facilities.
    • Authorized by Oklahoma law to ensure school districts maintain safe and functional facilities.
  • Purpose:
    • To support facility upgrades, equipment purchases, and other capital improvements that benefit students and staff.

 

How is the Building Fund Funded?

  • Primary Sources:
    1. Local Revenue: Ad valorem (property) taxes, limited to 5 mills.
    2. Interest Earnings: Income generated from the investment of building fund balances.
  • Voter Approval:
    1. No voter approval required for the 5-mill levy.
    2. Additional levies for facility improvements may require voter approval through bond elections.

 

What Can the Building Fund Be Used For?

  • Allowed Uses:
    1. Repair, maintenance, and improvement of buildings and grounds.
    2. Purchase of furniture, fixtures, and equipment.
    3. Payment of utility services and insurance premiums.
    4. Acquisition of property and construction of facilities.
  • Prohibited Uses:
    1. Cannot be used for salaries, instructional materials, or operational expenses.

 

Legal Framework

  • Oklahoma Statutes:
    • Title 70, Section 1-117: Governs the management and allowable uses of the Building Fund.
  • Oklahoma Constitution:
    • Article 10, Section 10: Authorizes the levy for the Building Fund and outlines its limits.

 

Budgeting and Spending

  • Annual Budget Process:
    • Board approval required for expenditure plans.
    • Funds must be allocated according to legal requirements and district facility needs.
  • Fund Balances:
    • Unused funds may be carried forward but must remain dedicated to capital and facility projects.

 

Compliance and Accountability

  • Oversight:
    • School board reviews and approves all building fund expenditures.
  • Auditing:
    • Annual audits conducted by the State Auditor and Inspector’s Office to ensure compliance.
  • Transparency:
    • Public reporting of building fund usage to maintain stakeholder trust.

 

Key Takeaways

  • Purpose: Supports facility maintenance and improvement.
  • Revenue Sources: Primarily from local property taxes.
  • Compliance: Subject to strict oversight and legal compliance.

 

Questions

  • Contact amcreynolds@wpss.k12.ok.us or OKSDE school finance website section