This bill amends the Public School Code of 1949 to enhance reporting requirements for school districts regarding expenditures related to exceptional children. Specifically, it updates the deadlines for reporting these expenditures, extending them to December 31, 2025, and introduces new terminology by replacing "students with disabilities" with "children with exceptionalities." The bill establishes various expenditure categories for reporting, including Category 1 for expenditures under $25,000, Category 2 for those between $25,000 and $50,000, Category 3A for expenditures between $50,000 and $75,000, and Category 3B for those over $75,000. Additionally, it introduces new categories for expenditures under $5,000 (Category 1A) and between $5,000 and $25,000 (Category 1B).

Furthermore, the bill mandates that the Department of Education compile and submit annual reports to legislative committees, starting from February 1, 2023, which will include the newly defined categories of expenditures. It also stipulates that any conflicting regulations from the Department of Education will be abrogated to ensure consistency with the new provisions. The act is set to take effect immediately upon passage.