The bill modifies the expenditure of revenues generated by the Wyoming education trust fund and establishes a new grant program specifically for preschool providers. It defines terms related to at-risk and economically disadvantaged students and specifies the requirements for preschool providers to apply for grants. The bill allows preschool providers that serve economically disadvantaged students who are at-risk to apply for financial assistance for various operational expenses, including salaries, insurance, and educational materials. Grants will be capped at $50,000 per year and must be used solely for the purposes outlined in the application.

Additionally, the bill eliminates the existing innovative program grant program and repeals certain provisions related to the distribution of trust fund investment earnings. It mandates that the Department of Education will distribute grant funds annually to selected preschool providers and provides the department with rulemaking authority to implement the new grant program. The effective date of the act is set for July 1, 2023, and it includes a provision for the transfer of $50 million from the public school foundation program account to the Wyoming education trust fund.

Statutes affected:
Introduced: 21-22-102, 21-22-101, 21-22-106, 21-22-107