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200.151 Early childhood development fund -- Purpose -- Source of moneys -- Strategic plan for fund distribution -- Annual report and audit.

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200.151 Early childhood development fund -- Purpose -- Source of moneys -- Strategic plan for fund distribution -- Annual report and audit. There is established in the State Treasury a fund to be known as the &quot;Early Childhood <br>Development Fund.&quot; This fund shall exist for the purpose of receipt and expenditure of <br>moneys to improve and promote early childhood development for children of the <br>Commonwealth. The fund may receive state appropriations, gifts, grants, and federal <br>funds and shall be disbursed by the State Treasurer upon the warrant of the chair of the <br>early childhood development board. Beginning July 1, 2000, twenty-five percent (25%) of <br>the proceeds from the tobacco settlement agreement fund shall be deposited in this fund <br>as provided under KRS 248.654. All investment income earned from moneys deposited in <br>the fund shall accrue to the fund. The moneys in the fund shall not lapse at the close of <br>any fiscal year but shall be carried forward in the next fiscal year for the purpose of the <br>fund. The board shall develop and oversee the implementation of a strategic plan. The <br>strategic plan shall identify both short-term and long-term goals and the appropriate <br>oversights to measure progress toward achievement of those goals, and it shall be updated <br>every two (2) years. The board shall submit an annual report to the Governor and the <br>Legislative Research Commission by September 1 of each year for the preceding fiscal <br>year, outlining its activities and expenditures. The Auditor of Public Accounts, on an <br>annual basis, shall conduct a thorough review of all expenditures from the fund and, if <br>necessary in the opinion of the Auditor, an audit of the operations of the fund. No money <br>in the fund shall be allocated until the board has adopted a strategic plan. Effective: April 26, 2000 <br>History: Created 2000 Ky. Acts ch. 546, sec. 3, effective April 26, 2000.