(a)

1. (1) The Department of Education shall conduct the reviews of best financial management practices.
2. (2) All public school districts shall be reviewed biennially by an onsite visit.

(c) Each public school district reviewed shall be given one (1) of the following designations:

1. (1) “A”, schools comprehensively complying with best financial practices;
2. (2) “B”, schools complying with best financial management practices at significant levels;
3. (3) “C”, schools adequately complying with best financial management practices;
4. (4) “D”, schools less than adequately complying with best financial management practices; or
5. (5) “F”, schools failing to comply with best financial management practices.

(d)

1. (1) The department may:

   1. (A) Request Arkansas Legislative Audit and the Legislative Joint Auditing Committee to conduct the reviews; or
   2. (B) Contract with a private firm to perform the required reviews.
2. (2) The private firm must be selected through a formal request for proposal process.

(l) Copies of the final report for each district’s review of best financial management practices shall be provided to the:

1. (1) Governor;
2. (2) State board;
3. (3) District superintendent; and
4. (4) District’s school board members.