The bill amends Oklahoma's school funding laws, focusing on the general funds of school districts and the calculation of State Aid. It updates statutory references and removes previous exemptions for certain funds from the general fund carryover calculation. The amendments clarify the definition of the general fund, allowing the inclusion of state-dedicated revenue and county sources while restricting capital expenditures from the general fund except under specific conditions. Additionally, the bill introduces exceptions for carryover of certain gross production revenue apportionments and modifies limitations on general fund carryover for school districts.

Moreover, the bill revises the methodology for calculating per pupil revenue and State Aid allocations, basing initial allocations on actual revenues from the prior fiscal year, adjusted assessed valuations, and weighted average daily membership. It establishes a framework for midyear adjustments to State Aid and outlines components for Foundation Aid, Salary Incentive Aid, and Transportation Supplement. The bill also proposes a new student identification system, adjustments for uncollectible ad valorem taxes, penalties for excessive general fund carryover, and provisions for advanced State Aid funding for early childhood programs. Monthly reporting requirements for state agencies are mandated to ensure accurate tracking of property valuations and tax collections, with an effective date of July 1, 2025, and an emergency clause for immediate implementation upon passage.