This bill appropriates additional funds to the State Board of Education and the Board of Regents of the University of Idaho for the fiscal year 2026, while also implementing reductions in appropriations for various institutions. Specifically, it includes an increase in funding from the Normal School Endowment Income Fund and the University Endowment Income Fund, while reducing the overall appropriations to Boise State University and the University of Idaho by $4 million and $57,800, respectively. The bill emphasizes transparency and legislative oversight in negotiations related to the Idaho College of Osteopathic Medicine, mandates prioritization of water research funding, and outlines a transition to an outcomes-based funding model for higher education.

Additionally, the bill requires audits for compliance with diversity, equity, and inclusion standards at Idaho's public universities and allows for one-time reductions in appropriations to be restored in future budget submissions. It establishes conditions and limitations on the appropriations made, and declares an emergency to ensure the act takes effect on July 1, 2025.