Okla. Stat. tit. 70, § 70-18-104

A. The funds apportioned and disbursed to the several school

districts of the state shall be for the purpose of aiding each

school district receiving the same to finance its school budget for

each fiscal year. The State Board of Education shall notify the

county clerk, the board of education, superintendent of each school

district and the school district treasurer of the tentative amount

said district is to receive from the funds apportioned under the

provisions of this article and disbursed according to the provisions

hereof. After such allocation of State Aid has been made by the

State Board of Education and certified to the treasurer of the

school district and district superintendent of schools, such aid may

be included as probable income by the board of education in its

Estimate of Needs and Financial Statement as submitted to the county

excise board, and said excise board shall include such amount in the

approved appropriations, and in addition thereto any federal aid

certified or allocated by the State Board of Education shall be

included in the appropriation made by the excise board if requested

by the board of education; provided, no such federal aid estimate

shall be used in any way to reduce the State Foundation Aid or

Incentive Aid for such school district or sustain a protest for the

reduction of a tax levy. If such allocation of aid is not included

in the board of education’s estimate of needs, it shall be added by

the county clerk to the items of appropriation designated by the

board of education of the school district. Funds received under the

provisions of this article shall be deposited in the general fund of

such school district. Provided, funds received from the federal

government for current expense purposes shall likewise be added to

the appropriation of the general fund if so designated by the board

of education of such school district. Provided, further, that the

board of education of a school district may enter into agreements

with federal agencies for educational projects and programs to be

maintained in such districts; and federal funds received by the

district in pursuance thereof shall, consistent with the agreement

and requirements of the federal agency, be kept, administered and

disbursed in such manner as may be prescribed by rules and

regulations of the board of education.

B. If the State Board of Education should ascertain that

allocation of State Aid to any school district has so changed as to

reduce its State Aid, then the State Board of Education shall

forthwith notify the district superintendent, the clerk of the board

of education, and the treasurer thereof, as to the amount of

reduction in the allocation of State Aid. If there has been an

overpayment the same shall be returned to the State Treasurer and

Oklahoma Statutes - Title 70. Schools Page 812

credited to a refund account which shall be available for further

payment of State Aid. Whenever it becomes necessary for a school

district to refund any overpayment of monies previously received,

the school district shall issue such warrant against a properly

approved encumbrance in the manner provided by law. Such claim or

encumbrance shall be coded as a refund of prior revenue and paid

from the current expense appropriation of the general fund or such

other fund or account from which such refund may properly be paid by

the school district.