This bill creates a new "preK promise account" in the custody of the state treasurer for use solely and exclusively to support the early childhood education and assistance program established in RCW 43.216.510. It requires all gifts, grants, or donations received by "the secretary" for that account to be deposited there, authorizes only "the secretary" to approve expenditures, requires the department to track deposited funds separately by source, provides that expenditures are subject to allotment procedures but do not require an appropriation, and requires any residue in the account to accumulate rather than revert to the general fund at the end of the biennium. A new section is added to chapter 43.216 RCW. The bill reenacts and amends RCW 43.79A.040 to require the state treasurer to set aside investment income in an "investment income account," to pay for purchased banking services from that account before distributing earnings, and to distribute monthly earnings to the state general fund except for accounts and funds specifically listed. The preK promise account is included among the accounts entitled to receive a proportionate share of investment earnings based on average daily balance. The act also specifies that certain listed accounts must receive 80 percent of their proportionate share of earnings, and it provides that agencies with independent authority that deposit funds into treasurer-custody accounts by agreement shall receive proportionate earnings based on average daily balance. Sections 1 and 2 of the act take effect immediately; Section 2 expires July 1, 2030; and Section 3 takes effect July 1, 2030. The extracted text does not identify which specific agency is meant by "the secretary" or "the department." Portions of the reenactment/amendment of RCW 43.79A.040 and the list of accounts are incomplete in the provided facts, and the relationship between the multiple reenactments referenced cannot be determined from these extracts.

If enacted, the bill creates a dedicated "preK promise account" held by the state treasurer to collect gifts, grants, and donations for the early childhood education and assistance program; those receipts must be deposited into the account, tracked separately by source, and can only be spent when authorized by "the secretary." The account will keep any leftover money between biennia (it does not revert to the general fund), will share in the treasurer’s monthly investment earnings based on average daily balance, and those expenditures can be made without a separate legislative appropriation though they remain subject to state allotment procedures. The most affected parties are the early childhood education program (which will have a dedicated stream of donated funding and investment earnings), the unnamed "secretary" and "department" who must accept, authorize, and separately track deposits, and the state treasurer who must custody the account and allocate earnings while paying banking service costs first. The bill makes some earnings-allocation rules temporary (Sections 1 and 2 take effect immediately and Section 2 expires July 1, 2030; Section 3 takes effect July 1, 2030), and it’s unclear from the provided text which specific office is meant by "the secretary" or "the department" and how the incomplete list of accounts in the reenactment will be finalized.