Bill > SB705

This bill modifies provisions related to charter schools in Oklahoma by renaming the Charter Schools Incentive Fund to the Charter Schools Incentive and Closure Reimbursement Fund, expanding its funding sources and purposes. The bill adds language allowing the fund to receive monies from the Statewide Charter School Board and specifically authorizes using funds for paying expenditures related to charter school closures. For new charter school sites or grade levels, the bill maintains the existing methodology for calculating weighted average daily membership, which initially multiplies actual enrollment by 1.333. Additionally, the bill directs the Statewide Charter School Board to transfer all remaining balance from the existing Charter School Closure Reimbursement Revolving Fund to the newly renamed fund. Each charter school will continue to be required to pay $5 per student to this fund based on average daily membership during the first nine weeks of the school year, unless the fund's balance reaches $1 million or more. The changes aim to provide more financial flexibility and support for charter schools during startup, expansion, and potential closure scenarios, with the bill set to become effective on July 1, 2025.

Education

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb705&Session=2600