The proposed General Assembly Committee Bill No. 5003 seeks to bolster the Early Childhood Care and Education Fund by instituting a mechanism for transferring unappropriated surplus from the General Fund, specifically mandating the Treasurer to transfer up to one hundred million dollars of surplus to the fund for the fiscal years ending June 30, 2025, and June 30, 2026. The bill also includes a provision that any transferred amount will be deducted when calculating the unappropriated surplus for the Budget Reserve Fund. Additionally, it repeals and replaces Section 10-511 of the general statutes, which governs the fund's structure and operations, ensuring its separation from state property and funds. The funds will be allocated to support early childhood education and child care needs, including expanding the child care subsidy program and providing salary increases for educators.

Moreover, the bill introduces significant changes to existing laws, such as raising the income eligibility threshold for the child care subsidy program from fifty to eighty-five percent of the state-wide median income and allowing prorated benefits for those exceeding this threshold. It establishes a competitive capital grant program for child care facilities, with the State Bond Commission authorized to issue up to $100 million in bonds over five fiscal years. The bill also mandates annual reporting from licensed child care providers on their financials and tuition rates, and it requires the Commissioner of Early Childhood to collaborate with the Children's Funding Project to create a fiscal map of state funding for children. Overall, Committee Bill No. 5003 aims to enhance the financial health and oversight of early childhood education programs in Connecticut.

Statutes affected:
Committee Bill: 10-511
KID Joint Favorable: 10-511
File No. 198: 10-511
ED Joint Favorable: 10-511
APP Joint Favorable: 10-511