Bill No. 2154 amends the Oklahoma Charter Schools Act by introducing several key changes to the requirements for charter schools and virtual charter schools. Notably, the bill exempts charter schools from filing a written itemized statement of estimated needs and probable income from all sources, as previously mandated by Section 3002 of Title 68 of the Oklahoma Statutes. Additionally, it requires that charter school governing boards approve a budget for the upcoming fiscal year before its commencement. These changes aim to streamline financial reporting and enhance budgetary oversight for charter schools.

The bill also emphasizes compliance with various operational and educational standards, including adherence to federal regulations, participation in state testing programs, and maintaining nonsectarian practices. It mandates that charter schools provide a comprehensive educational program and comply with laws regarding the education of children with disabilities. Furthermore, the governing boards of charter schools are required to notify sponsors of any significant adverse actions or findings of noncompliance. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.