The bill establishes the Select Committee on School Finance Recalibration, which will consist of twelve members appointed from both the Senate and the House of Representatives, including representatives from minority political parties. The committee is tasked with studying the education resource block grant model to determine necessary modifications to ensure it remains cost-based amid changing conditions. Additionally, the committee will explore funding models for virtual education and charter schools in other states, aiming to propose equitable and predictable funding formulas for Wyoming. The committee may engage professional consultants for assistance and is required to report its findings and recommendations to the legislature.

To support the committee's work, the bill appropriates $920,000 from the general fund to the legislative service office for the model recalibration study, covering expenses such as salaries, mileage, and per diem for committee members. The funds must be used specifically for the recalibration study and cannot be transferred for other purposes, with any unspent funds reverting by June 30, 2026. The committee is expected to be operational until February 9, 2026, with appointments made by March 31, 2025, and the bill takes effect immediately upon its passage.