Finds that the current student transportation funding formula is outdated and does not adequately address the costs incurred by school districts in transporting students.

Finds that any new formula should be based on reliable data from a uniform system of accounting used by all districts, provide incentives for efficient use of state resources, and maintain local school district control over operational decisions within the transportation program.

Declares an intent to respond to the findings of the 2006 pupil transportation funding study by the joint legislative audit and review committee by improving the system of accounting for transportation costs, providing additional payments to districts to mitigate funding discrepancies identified by the study, and directing that a new funding formula be developed in a thoughtful and deliberative manner and implemented no later than the 2009-10 school year.