The bill amends "The Education Equity and Property Tax Relief Act" to revise the foundation education aid formula starting from the fiscal year 2023-2024. It introduces a new calculation for aid that includes a core instruction amount based on regional expenditure data and student membership, with additional support for high-need students, including those below 185% of the federal poverty guidelines and English language learners not in poverty. A new factor is also added to support homeless students. The state's share of education aid is recalculated to consider a district's revenue capacity and high-need student concentration, with provisions to ensure districts with a high percentage of PK-6 students in poverty receive adequate state aid. The bill mandates the Department of Elementary and Secondary Education to collect English learner performance data and develop a poverty measure for identifying students in need.

Furthermore, the bill specifies the local share of funding for school districts and introduces direct state funding for special education, career and technical education, and pre-kindergarten programs. It provides for the Central Falls, Davies, and the Met Center Stabilization Fund, addresses transportation costs for out-of-district students, and offers a regionalization bonus for regionalized school districts. The bill removes previous language regarding additional state support for English learners and includes provisions for state support of school resource officers, detailing their roles, training, and reimbursement for districts employing them. The bill's provisions for school resource officers will be in effect for three years starting in FY 2019, while the rest of the bill will take effect on July 1, 2023, and be implemented over two years.