AR SB342

Adds definition of "annual student academic growth" to Arkansas Code as calculating a student's academic progress from one school year to the next, measured by state-mandated assessments and other criteria set by the State Board of Education.

Expands Arkansas School Recognition Program to provide financial awards to public schools based on high student performance, high student academic growth, and high graduation rates for secondary schools.

Provides $100 per student to schools in the top 5% of all Arkansas public schools in combined student performance and academic growth, or top 5% in student academic growth alone.

Provides $50 per student to schools in the top 10% but below top 5% of Arkansas public schools in combined student performance and academic growth, or top 10% but below top 5% in student academic growth alone.

Requires schools receiving performance-based funding to submit spending proposals to the Department of Education for approval, limiting use to academic expenses only.