(a) The Department of Education shall comply with the following deadlines for implementation of the system of review:

1. (1) The department shall develop the best financial management practices review criteria by March 31, 2005;
2. (2) The department shall develop a self-assessment instrument regarding each of the adopted best financial management practices by June 30, 2005;
3. (3) The department shall develop the grading criteria by December 31, 2005;
4. (4) Once each of the criteria has been developed, the department shall work with selected districts that have volunteered to pilot the review procedures to establish and improve the implementation of the system of review;
5. (5) The department shall present the best financial management practices review criteria to the State Board of Education by May 31, 2006; and
6. (6) The department shall begin the best financial management practices reviews during the 2007 fiscal year.

(b) The department shall develop the best financial management practices review criteria, grading criteria, and self-assessment instrument in cooperation with:

1. (1) The Arkansas Association of School Administrators;
2. (2) The Arkansas Association of School Business Officials;
3. (3) Arkansas Legislative Audit; and
4. (4) Other education interest groups.

(d) The department shall develop the definitions of the designations in 6 CAR § 275-108(c) of this part with input from members of:

1. (1) The Arkansas Association of School Administrators;
2. (2) The Arkansas Association of School Business Officials;
3. (3) Arkansas Legislative Audit; and
4. (4) Other education interest groups.