The bill proposes setting aside state funds in Minnesota for the years 2026 and 2027 to compensate farmers for damage caused by wolves and elk. Specifically, it allocates money to pay farmers for livestock losses due to wolf attacks and for crop or fence damages resulting from elk. If the funds for the first year are not enough, funds from the second year can be used. Additionally, a portion of the funds may be utilized to cover the costs of assessing the fair market value of the damaged livestock, performed by university extension agents. The legislation provides flexibility so that if damage claims are exceptionally high in a given year, funds allocated for either wolves or elk can be transferred to address the higher need.