Raised Bill No. 5215 introduces significant revisions to education and early childhood statutes, primarily focusing on the management and oversight of the Early Childhood Education Endowment and the implementation of a uniform indoor air quality inspection program in schools. Effective January 1, 2024, local and regional boards of education will be required to adopt the Environmental Protection Agency's Indoor Air Quality Tools for Schools Program, which will assess various factors such as HVAC systems and pest infestations, with results made publicly available. The bill also designates the State Treasurer as responsible for administering the Early Childhood Education Endowment, outlining a process for transferring surplus funds from the General Fund to the endowment, and specifies allocations for administrative and expansion costs for early childhood programs over the next few fiscal years.

Additionally, the bill establishes the Early Childhood Education Endowment Advisory Board to oversee the endowment's administration, ensuring compliance with expenditure provisions. The board will consist of appointed members, including parents and educators, and will be required to meet quarterly and produce an annual report on the endowment's financial status. Key amendments include the repeal and substitution of existing statutes to enhance governance, the introduction of criteria for interdistrict magnet school funding applications emphasizing student achievement and financial viability, and modifications to advisory board compositions to include specific representatives. Overall, the bill aims to improve the effectiveness and accountability of educational programs while ensuring compliance with legal standards.