OK HB1612

Directs the State Board of Education to annually distribute 45% of Oklahoma Education Lottery Trust Fund monies to common school districts based on average daily membership (ADM) instead of using broad K-12 education categories.

Creates the "Common Education Lottery Revolving Fund" to receive and distribute lottery funds to school districts for K-12 education, teacher compensation, and early childhood programs like prekindergarten and full-day kindergarten.

Modifies Section 713 of Title 3A (Oklahoma Education Lottery Trust Fund) to redirect funds previously designated for general K-12 education purposes to the new dedicated revolving fund with formula-based district allocation.

Requires monthly distributions from the fund to common school districts starting August 15, 2011, based on the preceding school year's audited average daily membership figures.

Maintains existing restrictions that lottery funds must enhance rather than supplant other education funding and establishes accountability through State Board of Equalization annual review.