The bill establishes the preK promise account, which is created in the custody of the state treasurer and designated for use solely in the early childhood education and assistance program. The account will receive all gifts, grants, or donations, and only the secretary will have the authority to authorize expenditures from it. The bill mandates that the department track funds received from various organizations separately and stipulates that any remaining balance in the account at the end of the biennium must be retained and not revert to the general fund.

Additionally, the bill reenacts and amends existing laws related to the treasurer's trust fund, including provisions for the investment income account, which will now include the preK promise account among those receiving a proportionate share of earnings. The bill also includes provisions for the immediate effectiveness of certain sections and sets an expiration date for others, ensuring that the measures are in place to support early childhood education initiatives while maintaining fiscal accountability.