SB430 Summary

• Modifies distribution of Oklahoma Education Lottery Trust Fund (OELTF) proceeds to redirect a portion of kindergarten through twelfth grade education funds into a newly created Common Education Lottery Revolving Fund beginning July 1, 2013.

• Creates the Common Education Lottery Revolving Fund to receive transfers from OELTF and establishes the State Board of Education to distribute these monies to school districts on a per capita basis using student enrollment calculations.

• Allows school districts to use distributed funds for K-12 public education, teacher and support employee compensation/benefits, technology purchases and maintenance, and early childhood development programs including pre-K and full-day kindergarten.

• Maintains existing 45% allocation to higher education and career/technology education, 5% to School Consolidation and Assistance Fund, and 5% to Teachers' Retirement System while redirecting only the K-12 education portion through the new revolving fund mechanism.

• Declares an emergency effective date of July 1, 2013 and requires monthly transfers from the Oklahoma Lottery Commission starting October 15, 2013.