This bill appropriates additional funds to the Office of the State Board of Education for fiscal years 2025 and 2026, including $5 million from the General Fund and $20,000 from the Miscellaneous Revenue Fund for various educational programs. It also authorizes an increase of one full-time equivalent position for the Office for the same period. The bill outlines specific conditions for the use of these funds, particularly for the Public-Private Workforce Capacity Grant, which requires projects to meet certain criteria related to demand and matching funds. Additionally, it mandates the submission of reports on credit and transcript mobility, as well as the transition to outcomes-based funding models for both higher education institutions and community colleges.

Furthermore, the bill includes provisions for reappropriating unexpended balances from the American Rescue Plan Fund for nonrecurring expenditures and establishes a timeline for the development and implementation of the new funding models, with proposals due by December 31, 2025. The bill declares an emergency, making certain sections effective immediately upon passage, while others will take effect on July 1, 2025.