OK SB847

Appropriates $75,000,000 from the Constitutional Reserve Fund to the State Board of Education for financial support of public schools.

Funds may be budgeted for fiscal year 2016 (FY-16) or fiscal year 2017 (FY-17), but not both simultaneously.

FY-16 funds must be encumbered by June 30, 2016, and expended by November 15, 2016; any remaining funds lapse unless budgeted for FY-17.

FY-17 funds may be encumbered through June 30, 2017, and any remaining funds after November 15, 2017, lapse to the proper fund.

Unused FY-16 funds may be budgeted for FY-17 only after the State Board of Education submits a budget work program revision approved by the Office of Management and Enterprise Services.