relative to the penalty for failure to file school expenditure reports, relative to certain adequacy grants, and requiring mandatory reporting by school districts of school expenses.

This bill updates the rules for school districts and public academies regarding the submission of state-required expenditure reports. It allows the state education commissioner to grant extensions for late reporting when justified by unusual circumstances and mandates that all state education funding be withheld until accurate reports are filed. Additionally, the law introduces a new calculation method for education grants in municipalities where schools operate by paying tuition to outside institutions, ensuring grant amounts reflect actual current expenses. The legislation also specifies that a public academy's charter could be revoked if it fails to meet reporting deadlines for two consecutive years.