State Funds - Investments and Distributions
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Bill Summary - 21LSO-0337 Bill No.: SF0121 Effective: Multiple Dates LSO No.: 21LSO-0337 Enrolled Act No.: SEA No. 0075 Chapter No.: 144 Prime Sponsor: Perkins Catch Title: State funds - investments and distributions. Subject: Investment and distribution of earning from investments of state funds. Summary/Major Elements: Provides uniformity for crediting investment earnings to various funds and accounts – distinguishing between income from interest, rents and dividends and realized capital gains. The statutory changes reflect current practices of the State Treasurer's Office. Amends various statutes that use differing terms, such as "interest," "income" and "interest and income," to a uniform use of "earnings." Modifies spending policy amounts for the Permanent Mineral Trust Fund (PWMTF), Common School Account within the Permanent Land Fund and the Higher Education Endowment by establishing each at five percent (5%) of the five (5) year average market value of each fund. The "step-downs" in current law for the various spending policy amounts are repealed. Spending policy amounts are established to provide: Consistent, sustainable flow of earnings for expenditure over time; Protection of the corpus of the permanent funds against inflation; and Making earnings available for expenditure to offset the effects of inflation, if practicable. Redistributes the one percent "statutory" severance tax in future years in equal amounts to the PWMTF and the common school account within the permanent land fund (for eight (8) years) and thereafter distributes the funds two-thirds (2/3) to the PWMTF and one-third (1/3) to the common school account within the permanent land fund. Directs a study by the Select Committee on Capital Finance and Investment on various issues involving allocation of investment earnings as either principal of the fund or as income for distribution, limitations on investing in equities, limitations on diminution to the principal of funds held as inviolate, and the ability of the state to adopt an endowment model allowing a fixed percentage of the value of a permanent fund to be distributed. The study is to be conducted in coordination with the State Loan and Investment Board and the Investment Funds Committee. Comments: Requires a 1-2 year study by the Select Committee on Capital Finance and Investments. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 6, 1:50 AM
R · H49
Why they voted this way
The lawmaker supports fixing the spending policy amount and believes the Meyer rule provision makes it legal to distribute funds during market downturns.
Why they voted this way
The lawmaker opposes the amendment because he prefers a different allocation ratio and values keeping the funds more liquid than placing them in the proposed sub-account.
R · H09
Why they voted this way
The lawmaker opposes the amendment because he believes splitting funds into an empty sub-account is unnecessary complexity that does not provide a real backstop for education.
Why they voted this way
The lawmaker opposes the amendment because he believes creating a sub-account adds confusion rather than clarity regarding where funds are going.
Why they voted this way
The lawmaker supports the amendment as a necessary compromise to ensure the bill passes between legislative bodies while keeping funds liquid.
Why they voted this way
The lawmaker supports the amendment because placing funds in liquid reserve accounts is beneficial as those specific reserves are currently depleting over time.
Why they voted this way
The lawmaker supports the amendment because it corrects the issue of placing money in permanent funds where it cannot be accessed when needed.
R · H08
Why they voted this way
The lawmaker supports the amendment because he believes parking money in a deficit control account makes no sense during a deficit and that the account is just another holding mechanism without real protections.
R · H37
Why they voted this way
The lawmaker supports the amendment as an elegant compromise to free up investment income for current needs while saving severance tax, arguing that without it all funds would be locked away permanently.
R · H09
Why they voted this way
The lawmaker is undecided on the amendment because he sees a conflict between solving current deficits and saving money for future returns, noting that both approaches have valid benefits.
Why they voted this way
The lawmaker opposes the amendment because he believes it memorializes an ongoing disagreement between chambers rather than establishing clear policy on where funds should go.
Why they voted this way
The lawmaker opposes the amendment because he believes placing funds in an opaque account makes them invisible and subject to political manipulation, whereas current law ensures transparency.
R · H54
Why they voted this way
The lawmaker opposes the amendment by comparing SIPA to a personal savings envelope used to pay cash for specific projects like hospitals and schools, arguing it is an effective financial tool.
Why they voted this way
The lawmaker opposes the amendment because she dislikes SIPA but believes this specific proposal simply moves funds without establishing clear parameters or transparency.
Why they voted this way
The lawmaker supports eliminating SIPA because he believes earmarking a predetermined amount for discretionary projects is harmful to the state's fiscal position during deficits.
R · S03
Why they voted this way
The lawmaker states they voted for the bill in committee because it removes available spending and protects two-thirds of the Permanent Trust Fund by making it inviolate.
Wyoming roll calls
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Official activity
Changes
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The amendment creates a new legislative deficit control account within an existing legislative stabilization reserve account and specifies how funds are distributed between these accounts.
The amendment removes specific lines from a bill related to state funds, changing how certain amounts are distributed between two different accounts.
The amendment modifies the bill by removing certain provisions related to a legislative deficit control account and specific sections of state law.
The amendment changes how severance tax funds are distributed starting in fiscal year 2022, altering the allocation between the permanent Wyoming mineral trust fund and the common school account.
This amendment removes previous amendments and modifies specific lines in a bill to redirect funds to a new legislative stabilization reserve account.
The amendment modifies the bill to eliminate the strategic projects and investments account, transfer its funds to a legislative deficit control account, and specify how these funds are to be used.
The amendment removes certain provisions related to spending policies and modifies how funds are distributed to a specific account.
The amendment changes how certain funds are distributed by removing a specific funding allocation and replacing it with a new distribution plan.
The amendment removes specific lines and sections from the bill text related to spending policies, account distributions, and other provisions.
The amendment removes certain words and lines from a bill about public funds, changing how some parts are written or removing them entirely.
The amendment modifies certain sections of the bill by deleting specific lines, inserting new text, and repealing several Wyoming statutes related to public funds.
The amendment removes specific words and lines from various parts of a bill related to public funds.
The amendment removes several sections from the bill and modifies how certain funds are distributed to the permanent Wyoming mineral trust fund and the common school account within the permanent land fund.
The amendment adopts a substitute version of the bill SF0121 without making specific changes to its content.