Senate committee substitute replaces the 4th edition in its entirety with the following.

Part I

Establishes an Education Reserve (ER) in the General Fund. Directs the State Controller to reserve to the ER $248 million in nonrecurring funds for the 2024-2025 fiscal year and transfer those funds in the ER to the UNC Board of Governors (BOG) for fiscal year 2024-2025. Directs the BOG to allocate that money to the State Education Assistance Authority to provide additional for opportunity scholarships awarded for students to attend any nonpublic secondary school on a full- or part-time basis. Specifies that the ER funds not be put in the Opportunity Scholarship Grant Fund Reserve (OSGFR), and instead must be made available for the 2024-2025 school year.  Appropriates $215,460,000 from the General Fund to OSGFR for additional recurring funds for the 2024-2025 fiscal year to award scholarships as directed in GS 115C-562.8.

Amends GS 115C-562.8(b), as amended, to increase annual appropriations from the General Fund to the OSGFR for fiscal years 2025-2026 through 2031-2032 so that appropriations gradually increase from $625 million in FY 2025-2026 (currently appropriation for that year is $415,540,000) to $800 million in FY 2031-2032 (currently appropriation for that is $505,540,000).  Increases the amount appropriated to the OSGFR in FY 2032-2033 and beyond from $520,540,000 to $825 million. 

Part II

Appropriates from the General Fund to the BOG $24.7 million in recurring funds for the 2024-2025 fiscal year to be allocated to the State Education Assistance Authority for the NC Personal Education Student Accounts for Children with Disabilities Program (Accounts).

Amends GS 115C-600, as amended, to increase annual appropriations from the General Fund to the Accounts for fiscal years 2025-2026 through 2032-2033 (and beyond) so that appropriations gradually increase from $75,643,166 in FY 2025-2026 (currently appropriation for that year is $50,943,166) to $82,643,166 in FY 2032-2033 and beyond (currently appropriation for that is $57,943,166). 

Makes conforming changes to the act's titles. 

Effective July 1, 2024.