“In close coordination with Treasurer Russell and Comptroller Scanlon, I am proposing we move an additional 3% of revenue from our pension paydown into the General Fund, and any surplus, which is estimated at $300 million per year, will be deposited in our brand-new Universal Preschool Endowment.
“This fund will be a downpayment on making pre-K and early childhood education affordable and accessible for all of our kids.
“Three hundred million dollars from the fiscal ’25 surplus will seed the fund, and our budget anticipates almost $1 billion in the endowment over the next few years…”
“We are building this endowment for the long term. With a 10% spend rate, our budget will have an additional $30 million next year, $60 million in ’27, all with the goal of providing pre-K and preschool spaces at no cost to families earning up to $100,000.”
— “Governor Lamont’s Fiscal Year 2026-2027 Biennial Budget Address,” February 5, 2025