This bill amends the Oklahoma Charter Schools Act by introducing specific exemptions for charter schools regarding certain financial reporting requirements. Beginning July 1, 2024, charter schools will be exempt from filing a written itemized statement of estimated needs and probable income from all sources, as outlined in Section 3002 of Title 68 of the Oklahoma Statutes. This change aims to streamline the financial obligations of charter schools while maintaining compliance with other federal and state regulations related to health, safety, and education standards.

Additionally, the bill emphasizes the importance of accountability and performance evaluation for charter schools. It mandates that charter contracts include performance provisions based on a framework that assesses various indicators such as student academic proficiency, attendance, and financial sustainability. The Statewide Charter School Board is tasked with annually evaluating charter schools based on this framework, ensuring that they meet the educational and operational standards expected of public schools. The bill also declares an emergency, allowing it to take effect immediately upon passage and approval.