This bill amends the existing law regarding the state children's trust fund, which is established within the Department of Treasury. Key changes include the requirement that the fund "must" be expended only as specified in the law, replacing the previous language that stated it "shall" be expended. The state treasurer is granted the authority to invest the trust fund assets similarly to an investment fiduciary under the public employee retirement system investment act, and the language has been updated to reflect that the treasurer "has" this authority rather than "shall have." Additionally, the bill modifies the disbursement rules for the fund, stipulating that beginning in fiscal year 2025, up to 8% of the 12-quarter rolling average must be available for disbursement.

Further amendments clarify the availability of money granted or received as gifts or donations to the trust fund, stating that such funds "are" available for disbursement upon appropriation, rather than "shall be." The bill also mandates that the state treasurer must prepare an annual accounting of revenues and expenditures from the trust fund, specifically identifying interest and earnings, and how these have been affected by expanded investment options. This accounting must be provided to the appropriations committees of both the Senate and House of Representatives, ensuring greater transparency and oversight of the fund's financial activities.

Statutes affected:
House Introduced Bill: 21.171
As Passed by the House: 21.171