The 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, rather than "shall." The state treasurer is granted the authority to invest the trust fund's assets similarly to an investment fiduciary under the public employee retirement system investment act. Additionally, the bill specifies that beginning in fiscal year 2025, up to 8% of the 12-quarter rolling average of the fund must be available for disbursement, increasing from the previous limits of 4.25% or 5% based on the fund's performance.

Other notable amendments include the stipulation that money received as gifts or donations to the trust fund "is" available for disbursement upon appropriation, and that the annual accounting of revenues and expenditures must specifically identify the interest and earnings of the trust fund. The accounting must also detail how these amounts have been influenced by the expanded investment options and must be provided to the appropriations committees of both the Senate and House of Representatives. Overall, the bill aims to enhance the management and disbursement of the children's trust fund while ensuring transparency and accountability.

Statutes affected:
House Introduced Bill: 21.171