Senate Bill No. 706 seeks to amend Oklahoma's school funding laws by updating statutory references and removing limitations on school district general fund carryover. The bill modifies the calculation of per pupil revenue and eliminates restrictions on the amount of the general fund that can be carried over from one fiscal year to the next. It also repeals previous provisions that exempted certain funds from being included in the general fund carryover calculations. New language is introduced to provide school districts with greater flexibility in managing their funds, particularly for capital expenditures, allowing them to utilize general fund revenues for specific circumstances such as disaster recovery.

Additionally, the bill establishes a new student identification system for reporting enrollment data and administering testing programs, with a deadline for implementation by June 30, 1998. It outlines the process for calculating Salary Incentive Aid for school districts and addresses the handling of uncollectible ad valorem taxes. The bill also repeals a previous section of law, amends reporting requirements for state and county financial data related to education funding, and removes penalties associated with general fund carryover amounts. With an emergency clause, the bill is intended to take effect immediately upon passage and approval, while other provisions are set to take effect on July 1, 2025.