Oklahoma § 68-3002 - Financial statement - Estimated needs - Publication Filing

§ 68-3002. Financial statement - Estimated needs - Publication Filing

A. Notwithstanding the provisions of the School District Budget

Act, each board of county commissioners and the board of education

of each school district, shall, prior to October 1 of each year,

make, in writing, a financial statement, showing the true fiscal

condition of their respective political subdivisions as of the close

Oklahoma Statutes - Title 68. Revenue and Taxation

of the previous fiscal year ended June 30th, and shall make a

written itemized statement of estimated needs and probable income

from all sources including ad valorem tax for the current fiscal

year. Such financial statement shall be supported by schedules or

exhibits showing, by classes, the amount of all receipts and

disbursements, and shall be sworn to as being true and correct. The

statement of estimated needs shall be itemized so as to show, by

classes: first, the several amounts necessary for the current

expenses of the political subdivision and each officer and

department thereof as submitted in compliance with the provisions of

Section 3004 of this title; second, the amount required by law to be

provided for sinking fund purposes; third, the probable income that

will be received from all sources, including interest income and ad

valorem taxes; and shall be detailed in form and amount so as to

disclose the several items for which the excise board is authorized

and required, by this article, to approve estimates and make

appropriations.

B. Each municipality that does not prepare an annual audit

pursuant to Section 17-105 of Title 11 of the Oklahoma Statutes

shall make a financial statement as required by this section. Every

municipality shall adopt a budget, which shall contain estimates of

expenditures and revenues, including probable income by source, for

the budget year; provided, that all municipalities may use estimated

fund balances if final certified fund balances are not available.

The budget shall be in a format similar to the estimate of needs or,

at the municipality’s discretion, to Sections 17-207 and 17-212

through 17-214 of Title 11 of the Oklahoma Statutes. This section

shall not apply to any municipality that has opted to prepare a

budget pursuant to the Municipal Budget Act.

C. Each budget and each financial statement and estimate of

needs for each county, city, incorporated town, or school district,

as prepared in accordance with this section, shall be published in

one issue in some legally qualified newspaper published in such

political subdivision. If there be no such newspaper published in

such political subdivision, such statement and estimate shall be so

published in some legally qualified newspaper of general circulation

therein; and such publication shall be made, in each instance, by

the board or authority making the estimate.

D. The financial statements and estimates of all counties shall

be filed with the county excise board on or before August 17 of each

year; and the financial statements and budgets of all incorporated

towns shall be filed with the county excise board on or before

August 22 of each year; and the financial statements and budgets of

all cities shall be filed with the county excise board on or before

August 27 of each year; and the financial statements and estimates

of all school districts shall be filed with the county excise board

on or before October 1 of each year. Said financial statements and

Oklahoma Statutes - Title 68. Revenue and Taxation

estimates shall have attached thereto an affidavit showing the

publication thereof as required herein, or they may be filed and the

said affidavit attached thereto at any time within five (5) days

after the filing thereof.

Added by Laws 1965, c. 501, § 2. Amended by Laws 1988, c. 90, § 10,

operative July 1, 1988. Renumbered from § 2483 of this title by

Laws 1988, c. 162, § 163, eff. Jan. 1, 1992, as amended by Laws

1991, c. 249, § 3, eff. Jan. 1, 1992. Amended by Laws 2002, c. 98,

§ 9, eff. Nov. 1, 2002; Laws 2003, c. 44, § 1, emerg. eff. April 7,

2003; Laws 2004, c. 361, § 15, eff. July 1, 2004; Laws 2006, c. 75,

§ 1, emerg. eff. April 21, 2006.