Comprehensive Annual Financial Report
Broken Arrow Public Schools first submitted its Comprehensive Annual Financial Report for the fiscal year ending June 30, 2012. Since then, BAPS has been been committed to providing a financial report each year.
The district has received the Certificate of Excellence in Financial Reporting from the Association of Schools Business Officials and from the Government Finance Officers Association. These awards are the highest forms of recognition in the area of governmental accounting and financial reporting.
State law mandates that school districts undergo an annual single audit and publish a complete set of financial statements presented in conformity with accounting principles generally accepted and audited in accordance with auditing standards. The primary difference between a typical budget and a financial report is that the budget is a plan for a fiscal period, primarily showing where income is to be allocated, while the financial report contains the results of the period with historical information.
The finance team strives to improve the Comprehensive Annual Financial Report every year based on prior comments received from the reviewing organizations as well as by incorporating new accounting pronouncements.