Early childhood care and education system;publicly funded providers; funding formula; educator incentive; nonrevertingfund to capture unspent Virginia Preschool Initiative balances. Requires the Department of Education to (i) establish and maintaina funding formula for publicly funded early childhood care and educationproviders that establishes the minimum funding and number of slotsper biennium for such providers based on a cost of quality rate perchild, actual data from the prior year, unserved waitlists, and agrowth rate differential based on growth in prior biennia; (ii) administeran early childhood educator incentive program to be known as RecognizeB5whereby a monetary incentive is provided to teachers who work directlywith children for at least 30 hours per week at publicly funded providersthat participate in the uniform measurement and improvement systemknown as VQB5, with the exception of teachers who are employed bylocal school boards; and (iii) administer and make distributions,for the purpose of providing early childhood care and education services,from the Early Childhood Care and Education Fund established in thebill, to which all unspent balances from the Virginia Preschool Initiativeat the end of each fiscal year are required to be credited insteadof reverting to the general fund. Early childhood care and education system; need-based and demand-based funding. Requires, for the purpose of addressing family demand and preferences for affordable, high-quality early childhood care and education services, state general funds to be provided to support the provision of services to families for early childhood care and education, as specified in the general appropriation act. The bill requires the Department of Education to report each year by November 15 on the projected general funds needed for the upcoming two fiscal years based on cost of quality rate per child in order to (i) maintain the current number of slots at early childhood care and education programs, (ii) increase the number of slots using a projected growth report, and (iii) increase the number of slots to fully accommodate parent demand and eliminate waitlists. The bill requires such projected general funds to be based on the annual per-child cost, determined as set forth in the bill, for the Virginia Preschool Initiative, the Mixed Delivery Program, and the Child Care Subsidy Program, the current eligibility criteria for such programs, and maximization of certain regularly recurring federal funds. The bill requires each regional entity established by the Board of Education pursuant to applicable law, each local school division, and each locality to annually indicate the number of slots needed, respectively, in the region for the Mixed Delivery Program, the local school division for the Virginia Preschool Initiative, and the locality for the Child Care Subsidy Program. The bill requires the Department of Education to (a) reallocate by July 1 any slots with available funding from the Child Care Subsidy Program and the Mixed Delivery Program, (b) make adjustments based on family preferences following the fall enrollment periods, and (c) first expend all current-year state general funds in providing funding for slots. This bill is identical to HB 419. Early childhood care and education system;publicly funded providers; funding; Early Childhood Care and Education Fund established.Requires, for the purpose of addressing family demand and preferences for affordable, high-quality early childhood care and education services, state general funds to be provided to support the provision of services to families for early childhood care and education, as specified in the general appropriations act. The bill requires the Department of Education to report each year by November 1 on the projected general funds needed for the upcoming two fiscal years in order to (i) maintain the current number of slots at early childhood care and education programs, (ii) increase the number of slots using a projected growth report, and (iii) increase the number of slots to fully accommodate parent demand and eliminate waitlists. The bill requires such projected general funds to be based on the annual per-child cost, determined as set forth in the bill, for the Virginia Preschool Initiative, the Mixed Delivery Program, and the Child Care Subsidy Program, the current eligibility criteria for such programs, and maximization of certain regularly recurring federal funds. The bill requires each regional entity established by the Board of Education pursuant to applicable law, each local school division, and each locality to annually indicate the number of slots needed, respectively, in the region for the Mixed Delivery Program, the local school division for the Virginia Preschool Initiative, and the locality for the Child Care Subsidy Program. The bill requires the Department of Education to (a) reallocate by July 1 any slots with available funding from the Child Care Subsidy Program and the Mixed Delivery Program, (b) make adjustments based on family preferences following the fall enrollment periods, (c) first expend all current-year state general funds in providing funding for slots, and (c) if waitlists for slots at early childhood care remain, use available funds from the Early Childhood Care and Education Fund established by the bill to address family demand and preferences.