The bill establishes the preK promise account, which is created in the custody of the state treasurer and designated for use solely for the early childhood education and assistance program. The account will receive all receipts from 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 accumulated 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. Notably, the preK promise account is included among those accounts that will receive a proportionate share of earnings based on their average daily balance. The bill also includes provisions for its immediate effect and sets an expiration date for certain sections, ensuring that the measures are in place to support early childhood education initiatives in Washington.