The bill establishes the Future of Corrections Fund, which will be administered by the Department of Corrections and is intended to secure additional correctional facilities. It authorizes the use of funds for various purposes, including the construction of new facilities, renovation of existing ones, and agreements with private correctional facilities. The bill also includes a provision for a transfer of $246 million from the general fund to support these initiatives, along with an appropriation of $4 million for immediate needs related to the prison system.

Additionally, the bill outlines reporting requirements for the Department of Corrections regarding expenditures related to the construction of correctional facilities. It allows for optional lease-to-own agreements and specifies that the appropriation for capital projects requires legislative consent. The bill emphasizes the importance of ensuring that any new facilities align with the state's best interests, particularly concerning workforce availability for inmate rehabilitation and re-entry programs.