(a)
In accordance with timelines, instructions, and a format established by the Superintendent of Public Instruction, the state-appointed administrator shall prepare or obtain the following reports and plans:
(1)
A management review and recovery plan.
(2)
A multiyear financial recovery plan. The multiyear financial recovery plan shall include a plan, to be submitted annually on or before July 1, to repay to the state any and all loans owed by the district.
(3)
During the period of service by the state-appointed administrator, an annual report on the financial condition of the district, including, but not necessarily limited to, all of the following information:
(A)
Specific actions taken to reduce district expenditures or increase income to the district, and the amount of the resulting cost savings and increases in income.
(B)
A copy of the adopted district budget for the current fiscal year.
(C)
The amount of the district budgetary reserve.
(D)
The status of employee contracts.
(E)
Any obstacles to the implementation of the recovery plans described in paragraphs (1) and (2).
(b)
Each of the reports or plans required under this section, or under any other law that requires the district to prepare reports or plans, shall be submitted to the Superintendent of Public Instruction for approval, after his or her consideration of comments and recommendations of the county superintendent of schools. The Superintendent of Public Instruction may accept and approve, for the purposes of this section, any reports or plans that were prepared by or for the district prior to the district’s acceptance of a loan as described in subdivision (a) of Section 41326.
(c)
With the approval of the Superintendent of Public Instruction, the state-appointed administrator may enter into agreements on behalf of the district and, subject to any contractual obligation of the district, change any existing district rules, regulations, policies, or practices as necessary for the effective implementation of the recovery plans referred to in subdivision (a).