This bill amends Section 1-117 of Title 70 of the Oklahoma Statutes, which pertains to the general fund expenditures of school districts. The key change introduced by the bill is that school districts will now be able to receive gifts, grants, or donations for noncapital expenditures and place those funds in the general fund. However, these funds will not be considered part of the general fund collections until one year after they are received, which will affect how the general fund carryover is calculated. This provision aims to provide school districts with more flexibility in managing their finances while ensuring that the general fund remains focused on current expenses.

Additionally, the bill maintains existing regulations regarding capital expenditures, specifying that funds for such purposes must be placed in the building fund rather than the general fund. It also outlines the conditions under which school districts can make capital expenditures from the general fund, including circumstances related to natural disasters or insufficient insurance coverage. The bill is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.