Bill > SB674

This bill modifies Oklahoma's charter school funding and support mechanisms by renaming the Charter Schools Incentive Fund to the "Charter Schools Incentive and Closure Reimbursement Fund" and expanding its funding sources and purposes. The bill adds new provisions allowing the fund to receive monies directly from charter schools and enables it to cover expenditures related to charter school closures. It also adjusts the calculation of state funding for new charter schools, specifically for their first year of operation, by allowing an initial weighted enrollment multiplier of 1.333 to provide additional financial support during startup. The bill requires charter schools to pay a $5 per student fee to the fund during the first nine weeks of the school year, unless the fund's balance is $1 million or more. Additionally, the legislation requires the Statewide Charter School Board to transfer any remaining balance from the existing Charter School Closure Reimbursement Revolving Fund to the newly renamed fund. The changes aim to provide more financial flexibility and support for charter schools while establishing a clearer mechanism for managing funds related to charter school operations and potential closures.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb674&Session=2600