This report estimates the value of that investment for children under the age of 5 and their families, and the potential return on investment that Virginia might expect from the additional $309 million invested in early learning in SFY23. Although the full $309 million investment serves children under the age of 13, we focus on the impact of this investment on children under the age of 5, where we expect benefits to be greatest. The Virginia Early Childhood Foundation (VECF) contracted with the Prenatal-to-3 Policy Impact Center at Vanderbilt University to conduct this analysis. In this report, we detail the new investments made by Virginia and articulate the pathways through which these investments impact children and families. Using those pathways as a guide, we then estimate potential outcomes for families, children under the age of 5, and the state economy from the additional investment made in early childhood care and education in SFY23, and provide guidance to support the sustained impacts of these investments. (author abstract)