Oklahoma jumped nine points on an annual scoring of states’ financial transparency.
Watchdog group Truth In Accounting gave Oklahoma’s 2018 comprehensive annual financial report 82 out of 100 points based on criteria like a clean auditor’s opinion, reporting unfunded retirement obligations and timeliness.
Truth In Accounting founder and CEO Sheila Weinberg said Oklahoma’s biggest improvement came from making it easier to find and review its report.
"This year, unlike last year, the state did provide the user with bookmarks to be able to navigate it, and also their table of contents they linked to the different sections of the report," Weinberg said.
Oklahoma’s next big step would be using an independent auditor to review its annual report rather than state employees.
"And in fact, Oklahoma uses an outside auditor to audit their largest pension plan. So, it’s kind of curious that they don’t use an outside auditor to audit their audited financial report," Weinberg said.
Weinberg said the state also falls short on pension data reporting by both keeping some figures off its balance sheet and submitting prior year data.
"If you went to your bank and they ask for your current financial status and instead of bringing them this year’s current credit card statements, you would bring them prior year’s statements. And that’s what the state is doing with their pension liabilities," Weinberg said.
Oklahoma’s score of 82 is in the middle of the pack. Connecticut's score of 50 points was the worst. Idaho, North Dakota and Nevada tied for the highest score, 88.
