Preheat the oven to 325°F. Spray three 7” round cake pans with non-stick baking spray and line the bottoms with parchment paper.

In a large mixing bowl, beat butter and sugar until light and creamy. Add one egg at a time, beating well after each addition.

Add vanilla extract, almond extract, and vegetable oil and beat well.

In a separate bowl, mix together the flour, baking powder, and salt.

Add half of the flour mixture to the butter mixture and begin to beat. Add half of the milk, then the remaining flour mixture, then the rest of the milk. Beat just until fully combined.

Fold in ½ cup of rainbow Jimmies.

Divide the batter between the three prepared cake pans.

Bake for 35-40 minutes, until a toothpick inserted into the center comes out with just a few crumbs.

Cool cakes on a cooling rack for 10-15 minutes, then turn out from the pans and cool the rest of the way.

To make the frosting in a standing mixer, beat the butter on high speed until lightened and fluffy. Add powdered sugar gradually.

Beat in the extracts. With the mixer running, pour in the heavy cream until the frosting is light and fluffy and desired spreading consistency.

If you’d like to fill the cake layers with funfetti frosting, set aside about 1 cup of frosting. Mix in 2 tablespoons of sprinkles.

Place the first cake layer on a cake stand or platter. Add about ½ cup of frosting to the top and spread to the edges. Stack the second layer on top and add a layer of frosting on top of this one also. Top with the third cake layer.

Frost the cake with the remaining frosting and decorate as desired. We piped a few swirls on the top of the cake and added sprinkles to the tops and around the bottom perimeter.