School funding; removing limitations on school district general fund carryover and penalties for exceeding limitations. Effective date. Emergency.

This bill modifies Oklahoma school funding rules by removing previous limits on how much money school districts can carry over from one fiscal year to the next. It also repeals penalties that were previously imposed on districts for exceeding these financial limits. The legislation clarifies which types of revenue count toward general fund calculations and allows districts to use these funds for capital projects like rebuilding schools damaged by disasters when other funding sources are insufficient. These changes directly affect school district administrators and finance officers by providing greater flexibility in managing their annual budgets.