CT HB06867

Establishes the Universal Preschool Endowment as a separate fund (not state property) to receive contributions, gifts, grants, and surplus transfers for expanding preschool access to 3- and 4-year-olds, plus 5-year-olds not yet eligible for school

State Treasurer manages and invests endowment funds using prudent investor standards, with authority to enter contracts for administrative services and accept public/private donations

Commissioner of Early Childhood may expend funds through a competitive grant process, in consultation with the State Department of Education, to build preschool capacity via a public-private system based on local needs assessments

Annual spending capped at 10% of the endowment balance (as of December 31 of prior fiscal year), except up to $30 million may be spent in fiscal year ending June 30, 2026

Funded by General Fund surplus transfers: up to $300 million for FY 2025, then entire surplus in subsequent years (unless Budget Reserve Fund falls below 18% of net General Fund appropriations)