- (a) If a district receives a designation of “F” from the review of best financial management practices, then the final report must contain an action plan detailing how the district can meet the best financial management practices within two (2) years.
- (b) The district school board shall develop an implementation plan and approve the plan within sixty (60) days after receipt of the final report.
- (c) Failure to adopt the action plan within sixty (60) days after the receipt of the final report will require that the district superintendent and school board members appear before the State Board of Education and the Legislative Council to present testimony regarding their failure to comply.
- (d) Within sixty (60) days after receipt of the final report, the district school board shall notify the state board and the Department of Education in writing regarding the implementation schedule for the action plan.
- (e) The district shall submit an initial status report to the Governor, the state board, Arkansas Legislative Audit and the Legislative Joint Auditing Committee, the department, and the Legislative Council outlining progress made toward implementing the action plan.
(f)
(1) A second status report shall be submitted no later than six (6) months after submission of the initial report to:
- (A) The Governor;
- (B) The state board;
- (C) Arkansas Legislative Audit and the Legislative Joint Auditing Committee;
- (D) The department; and
- (E) The Legislative Council.
- (2) This process shall continue every six (6) months thereafter until status reports are not required.
- (g) Status reports are not required once the district is designated a grade category of “A” for its financial practices.
- (h) Districts shall maintain documentation to enable independent verification of the implementation of the action plan.