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 increases the full-time equivalent position authorization by one 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 implementation of the new funding models by fiscal year 2028. It emphasizes the need for detailed reporting on the outcomes and return on investment of appropriated funds, with specific deadlines for interim and final reports to the Joint Finance-Appropriations Committee. The bill declares an emergency, allowing certain sections to take effect immediately upon passage, while others will be effective starting July 1, 2025.