The proposed legislation, known as the Universal Preschool Endowment, establishes a dedicated fund to support the availability of preschool education for children aged three to five in Connecticut. The endowment will accept various forms of contributions, including gifts, grants, and bequests, and will be managed separately from state funds, ensuring that the state has no claim to the assets within the endowment. The Treasurer will be responsible for investing the funds in a prudent manner, with the goal of maximizing returns while maintaining liquidity for annual expenditures. The Commissioner of Early Childhood will oversee the disbursement of funds, which are strictly designated for expanding preschool capacity through a public-private system.

Additionally, the bill includes provisions for the transfer of unappropriated surplus from the General Fund to the Universal Preschool Endowment. For the fiscal year ending June 30, 2025, up to $300 million may be transferred, while subsequent years will see the entire surplus allocated to the endowment, subject to certain conditions regarding the Budget Reserve Fund. The legislation also amends existing statutes to include the Universal Preschool Endowment as a recognized trust fund managed by the State Treasurer. Overall, the bill aims to enhance early childhood education funding in Connecticut, reflecting the Governor's budget recommendations.

Statutes affected:
Governor's Bill: 3-13c