Children's Trust Fund Act

Childrens's Trust Fund Act - Declares the policy of Congress that a specific share of public revenues be reserved for use in the financing of children's and youth programs.

Title I: Creation and Administration of Trust Fund - Creates a Children's Trust Fund to be administered by the Secretary of Health, Education, and Welfare.

Authorizes the Secretary of the Treasury to pay into the Trust Fund from general revenues the amount of forty-five cents a week for each child in the United States under the age of 18.

Directs the Secretary to establish an allocation account for each State. Provides that funds from the Trust Fund shall be available to carry out programs authorized by Titles IV-B and V of the Social Security Act, the Early Education of the Handicapped Act, Head Start and Follow Through of the Economic Opportunity Act.

Title II: Allocation and Use of Trust Fund - Directs the Secretary to annually make an estimated allocation of trust funds in accordance with the procedure enumerated in this Act.

Title III: States Functions Under Child Revenue Sharing - Requires that each State submit to the Secretary a letter showing the distribution of funds it wishes to make among the programs financed through this Act.

Directs each State to establish local service areas for the purpose of allocating funds within the State. Sets forth the procedures for such allocation. Requires States to submit reports to the Secretary.

Provides that each State shall establish an advisory committee which is representative of (1) parents whose children may be served by the program; (2) professionals knowledgeable in such fields as child development, maternal and child health, juvenile delinquency and education; and (3) private citizens interested in these areas. Provides that the advisory committee shall have a right (1) to evaluate the performance of all programs financed through the Trust Fund; (2) to recommend future fund allocations within the State; and (3) to comment on recommendations by local advisory committees.

Provides that there shall be local advisory committees of the same composition and powers as the State committees.

Title IV: Miscellaneous Provisions -Directs the Secretary to appoint a national advisory committee to conduct necessary evaluations; submit an annual report to the Secretary, the President and the Congress in which it shall evaluate programs financed under this Act; and recommend necessary adjustments in the level of Federal contributions to the Trust Fund.

Authorizes appropriations of such funds as are required for purposes of this Act. Sets forth the form for such appropriations.

Title V: Amendments to Title IV-B of the Social Security Act - Retitles Title IV-B of the Social Security Act to Child and Youth Services. Expresses the intent of the Congress that funds appropriated under the title shall be available to children in need of service with regard to family income; provided, that a state may, at its option, establish reasonable fees for service related to family income.

Empowers each State to spend up to 20 percent of the funds available to it under the Children Trust Fund for innovative programs designed by the State, for expenses of administration; and for expenses of advisory bodies and for training of staff.

Title VI: Amendment of Social Service Limitation and Day Care Authorization - Provides that no funds shall be available for child care under this section except as required to meet the needs of persons participating in the Work Incentive Program.