SB84 Summary

• Modifies distribution of Oklahoma Education Lottery Trust Fund net proceeds by creating the Common Education Lottery Revolving Fund to receive a portion of lottery funding for K-12 education.

• Implements a four-year phased transition allowing up to 100% of the 45% education allocation to go to the Common Education Lottery Revolving Fund, contingent on Legislature appropriating replacement nonlottery funds for State Aid formula.

• Creates a continuing revolving fund managed by the State Board of Education to distribute monies to common school districts on a per capita basis for teacher/staff compensation, benefits, and early childhood development programs.

• Establishes monthly distribution schedule beginning August 15, with per capita payments calculated based on preceding or current school year enrollment depending on distribution timing.

• Effective July 1, 2011, with emergency clause for immediate implementation upon passage and approval.