Requires the Legislative Research Commission (Commission) to study budget responsibility, accountability, and transparency in schools, including studying the expenditures of the state's 115 local school administrative units for the past five years, including at least the four specified pieces of information, including available funding sources and expenditure decisions at the local level of direct and indirect instructional costs, including salary of school personnel, and direct and indirect operational costs. Allows the Legislative Research Commission to make an interim report, including recommended legislation, to the 2017 General Assembly when it reconvenes in 2018 and requires a final report to the 2019 General Assembly when it convenes.