An Act relating to education; relating to charter school budgets; relating to correspondence study program materials, funding, and student counts; relating to student transportation funding; relating to cooperative arrangements for correspondence study program services entered into by school districts; relating to the base student allocation; relating to eligibility for teacher certification; relating to reemploying retired members of the teachers' retirement system at regional resource centers; relating to reading proficiency incentive grants; requiring the Legislative Budget and Audit Committee to procure an education funding study; and providing for an effective date.

This bill modifies how Alaska school districts fund and manage various education programs, including charter schools, correspondence study programs, and student transportation. It requires school districts to provide charter schools with annual budgets based on student enrollment while limiting administrative cost retention to a lower percentage, and allows students leaving correspondence programs to keep their educational materials. The legislation also adjusts transportation funding formulas for specific districts, updates teacher certification eligibility rules, and permits the reemployment of retired teachers at regional resource centers. Additionally, it mandates the Legislative Budget and Audit Committee to conduct a study on education funding and establishes new reading proficiency incentive grants for schools.