15-747. School financial transparency; portal; required information; third-party contractor
A. Beginning in fiscal year 2021-2022, the department of administration shall develop a transparent and easily accessible school financial transparency portal that includes the following school level data for charter schools, individual schools operated by a school district and school districts:
1. The detailed total revenues generated by weighted student count.
2. The total allocated federal, state and local revenues.
3. The allocation of classroom site fund monies.
4. The amounts allocated for teacher pay and benefits, classroom supplies, student support and other expenditures.
5. A comparison of the funding information for each school in relation to the funding information for other schools in the same local education agency.
6. Any other information that is necessary for a transparent comparison between schools with respect to their revenues, expenditures, student demographics or academic achievement.
B. The department of education and the state board for charter schools shall provide and assist with any necessary data or financial information the department of administration or the contractor selected pursuant to subsection C of this section requests to comply with and implement subsection A of this section. The auditor general may provide assistance related to this section.
C. The department of administration shall contract with a third party to develop the portal prescribed in subsection A of this section. The third party selected by the department must meet all of the following:
1. Have experience in building education finance platforms to show school financial information in a transparent and easily understandable format.
2. Be incorporated for at least five years.
3. Have an exclusive focus on K-12 education finance technology.
4. Have at least five years of experience building cloud-hosted education finance software.
5. Have experience integrating with the uniform system of financial records.