MS SB2607

Requires State Department of Education to develop annual financial transparency and accountability reporting process including student demographics, achievement data, budget information, staffing levels, and per-pupil expenditures organized by standardized chart of accounts.

Mandates State Department revise statewide accounting manual and common chart of accounts by December 31, 2017, to align with weighted student funding formula and establish rules requiring school districts to account for weighted fund expenditures.

Brings forward sections of Mississippi Code governing the Mississippi Adequate Education Program (MAEP) funding formula, including base student cost calculations, add-on program costs, local revenue requirements, and state contribution computations for public school districts.

Establishes financial reporting requirements for school districts including monthly budget submissions, accreditation standards, pupil-teacher ratios (27:1 for grades 1-4), and accountability measures through the Mississippi Report Card system.

Maintains existing teacher salary schedules under MAEP with minimum salaries based on certification level and years of experience, ranging from $33,390 to $66,370 annually for 2014-2015 fiscal year.