OK SB240

State Aid calculations for school districts will begin using the new formula starting with the 2026-2027 school year, based on actual ad valorem tax collections and state dedicated revenues from the preceding fiscal year rather than adjusted assessed valuations

Increases the percentage of total appropriated school funds retained by the State Department of Education for midyear adjustments from 1.5% to 4%

Modifies Foundation Program Income calculation to use actual ad valorem tax collections received by school districts during the preceding fiscal year instead of assessed valuation multiplied by mills levied

Removes outdated provisions including requirements for county treasurers to report ad valorem tax protest amounts, calculation methods for uncollectible ad valorem taxes, and language directing development of a student identification system

Effective date: November 1, 2025