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Governor proposes universal preschool endowment seeded by surplus; OEC may draw up to 10% annually
Summary
The budget outlines a new universal preschool endowment seeded by surplus funds; the Office of Early Childhood and State Department of Education would jointly implement a multiyear expansion with a proposed allowance to spend up to 10% of the endowment balance each year.
Jeff, secretary of the Office of Policy and Management, described a proposed universal preschool endowment that the administration says will seed a future universal prekindergarten system. The endowment would be seeded with surplus funds from the current fiscal year unless those funds are needed to reach an 18% budget reserve. The treasurer would manage and invest the endowment; the Office of Early Childhood, in consultation with the State Department of Education, could expend up…
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