A. A charter may be approved or renewed for a period not to exceed five school years. A public charter school renewal application submitted to the local school board or, in the case of a regional public charter school, to the relevant school boards shall contain:
1. A report on the progress of the public charter school in achieving the goals, objectives, program and performance standards for students, and such other conditions and terms as the school board or boards may require upon granting initial approval of the charter application.
2. A financial statement, on forms prescribed by the Board, that discloses the costs of administration, instruction, and other spending categories for the public charter school and that has been concisely and clearly written to enable the school board or boards and the public to compare such costs to those of other schools or comparable organizations.
B. Local school boards may revoke a charter if the public charter school:
1. Violates the conditions, standards, or procedures established in the public charter school application;
2. Fails to meet or make reasonable progress toward achievement of the content standards or student performance standards identified in the charter application;
3. Fails to meet generally accepted standards of fiscal management; or
4. Violates any provision of law from which the public charter school was not specifically exempted.
C. Nothing in this section shall be construed to restrict the authority of local school boards to decline to renew a charter agreement.