KRS 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 "Early Childhood

Development Fund." This fund shall exist for the purpose of receipt and expenditure of

moneys to improve and promote early childhood development for children of the

Commonwealth. The fund may receive state appropriations, gifts, grants, and federal

funds and shall be disbursed by the State Treasurer upon the warrant of the chair of the

early childhood development board. Beginning July 1, 2000, twenty -five percent (25%)

of the proceeds from the tobacco settlement agreement fund shall be deposited in this

fund as provided under KRS 248. 654. All investment income earned from moneys

deposited in the fund shall accrue to the fund. The moneys in the fund shall not lapse at

the close of any fiscal year but shall be carried forward in the next fiscal year for the

purpose of the fund. The board shall develop and oversee the implementation of a

strategic plan. The strategic plan shall identify both short -term and long -term goals and

the appropriate oversights to measure progress toward achievement of those goals, and it

shall be updated every two (2) years. The board shall submit an annual report to the

Governor and the Legislative Research Commission by September 1 of each year for the

preceding fiscal year, outlining its activities and expenditures. The Auditor of Public

Accounts, on an annual b asis, shall conduct a thorough review of all expenditures from

the fund and, if necessary in the opinion of the Auditor, an audit of the operations of the

fund. No money in the fund shall be allocated until the board has adopted a strategic plan.