Creates the high school graduation and college and career readiness account.

Requires the legislature, at each regular session in an odd-numbered year, to appropriate from the account amounts equaling not less than four hundred dollars per full-time equivalent student enrolled in a public middle school and high school per school year, for state support of the requirements of this act during the ensuing biennium.

Requires the amounts distributed to school districts to be used to establish or expand: (1) Career and technical education programs in middle schools, high schools, or skill centers;

(2) College-level courses in high schools;

(3) Drop-out prevention strategies in middle schools and high schools; and

(4) Courses, counseling, and coaching in middle school and high school to provide early exposure for students to employment opportunities and requirements and options for postsecondary education.

Requires the joint legislative audit and review committee to review and report on the performance of school districts receiving certain funds under this act.

Requires the state auditor to conduct financial and program audits of the uses and effectiveness of certain appropriated funds under this act.