Oklahoma Senate Bill 840 Summary

• Apportions state education funds for fiscal year ending June 30, 2016, across multiple categories including local and state-supported financial support for public schools, health benefit allowances, and various education programs with specified dollar amounts.

• Requires the State Board of Education to budget funds across five categories (payroll, professional services, lease-purchase agreements, operating funds, and federal expenditures) and develop outcome-based performance measures for each category.

• Transfers designated education funds to specific revolving funds and programs: School Consolidation Assistance Fund, Teachers' Retirement System Dedicated Revenue Revolving Fund, and Teachers' Retirement System of Oklahoma for Teachers' Retirement Credit.

• Specifies uses for allocated education funds including ACE Remediation, Advanced Placement Incentives, Reading Sufficiency, Charter Schools Incentive Fund, STEM education, staff development, testing, and alternative education programs.

• Establishes lapse dates and budgeting procedures allowing funds to be budgeted for either FY-16 or FY-17 (but not both), with FY-16 funds expiring November 15, 2016, and FY-17 funds expiring November 15, 2017; becomes effective September 1, 2015.