Oklahoma's 2024 annual financial report delayed until next year

OKLAHOMA CITY (KFOR) — The state's Annual Comprehensive Financial Report (ACFR) for fiscal year 2024 has yet to be released and the Oklahoma State Auditor, Cindy Byrd, says it won't be ready until next year.

"It's important to taxpayers. It's important to oversight agencies and it should be showcasing what the state of Oklahoma did in the past year and how the state of Oklahoma spent your tax dollars," Byrd told News 4.

The ACFR is an annual report, required by state law, that contains a detailed look at the state's spending, including vital information like state and employee retirement funds, how much revenue the state is generating, and how much debt Oklahoma has.

The Office of Management and Enterprise Services (OMES) is the agency responsible for putting all of that information together and handing it off to the state auditor.

“It’s the big audit that compiles all the other state agency audits together, and then the Office of Management Enterprise Services pulls all those together, bundles them up, submits those to the state auditor to create the final piece of that ACFR," said Oklahoma State Treasurer, Todd Russ. "Obviously it's important and it gives a lot of the detailed, granular information on all the different agencies."

When News 4 began questioning the OMES about the missing ACFR paperwork we were told it was being worked on. Two days later we were told the necessary documents were submitted by OMES to the auditor's office.

“The holdup has not been the state auditor's office," Byrd said.

Treasurer Russ says the ACFR also plays a role in Oklahoma's bond ratings.

"Oklahoma's had two bond rating increases in the last two to three years. So we're really proud of those bond rating increases and we certainly want to have everything we need to shore those up and maybe get another increase. That doesn't help when you're behind," said Treasurer Russ.

Treasurer Russ says he is working with rating agencies to keep Oklahoma in good standing.

“We've gone to New York and we met with the rating agencies. We've explained what's going on there. That information is available. It's just not available in the compiled act for like they normally see it," Treasurer Russ said.

Among other consequences, low state bond ratings can result in less spending for state agencies and higher taxes.

Auditor Byrd and Treasurer Russ say part of the problem is a lack of staffing at OMES.

"The executive branch and the legislative branch have got to put an emphasis on making sure we have qualified people in those positions so that we can provide the accountability that taxpayers need," Byrd added.

We asked the OMES about the ACFR delay and its lack of staffing. Christa Helfrey, they agency's Public Engagement Manager said, "We are currently exploring both technology solutions and staffing adjustments to help improve the efficiency of the process moving forward."