HB 2485 Summary

• Amends the Oklahoma Cost Accounting System requirements for school districts by deleting outdated language referencing specific school years (1991-92 and 1992-93).

• Requires the State Department of Education to notify school districts by February 1 each year of any changes to accounting codes and procedures, with school districts able to provide input through March 31 and the Department finalizing changes by May 1 for July 1 implementation.

• Limits changes to accounting codes and procedures to no more than once per year, with an exception for additions of new source and project codes to track new revenue sources.

• Declares an emergency, making the act effective upon passage and approval (with July 1, 2012 listed as the implementation date).