Distributions from LSRA and other state funds.

2018
STATE OF WYOMING
18LSO-0293
Numbered
1.3

HOUSE BILL

NO.
HB0166

Distributions from LSRA and other state funds.

Sponsored by:
Representative(s) Wilson, Lindholm, Madden, Miller and Zwonitzer and Senator(s) Boner, Dockstader and Pappas

A BILL

for

AN ACT relating to public funds; providing limitations on the appropriation or transfer of funds from the legislative stabilization reserve account as specified; removing a sunset provision; amending the distribution of excess funds within the permanent Wyoming mineral trust fund reserve account; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 9
‑
4
‑
219(b)
and
by creatin
g new subsections (c) through (g
)

and 9
‑
4
‑
719(b
) are amended to read:

9
‑
4
‑
219
.

Legislative stabilization reserve account created; purposes
; limitations
; exception
.

(b)

To the extent funds are available after all other appropriations or transfers from the legislative stabilization reserve account to be made on or prior to June 30 of the applicable fiscal year have been made, an amount necessary to restore the unobligated, unencumbered balance within the public school foundation program account to one hundred million dollars ($100,000,000.00) on June 30 of each fiscal year
,
not to exceed the amount
authorized by subsection (d) of this section,

shall be transferred from the legislative stabilization reserve account into the public school foundation program account.
This subsection is repealed the month immediately following the date that the state auditor and the state treasurer first certify to the governor and the department of revenue, and the governor certifies the same to the secretary of state, that the unobligated, unencumbered balance in the legislative stabilization reserve account is less than five hundred million dollars ($500,000,000.00).

(c)

F
unds within the
legislative stabilization reserve account
shall only be appropriated or transferred
,

subject to the limitation provided by subsection (d) and (e) of this section,
for the following purposes:

(i)

To resolve a general fund budget shortfall for the fiscal biennium in which the general fund budget shortfall occurs, provided that the amount appropriated from the account shall not exceed one
‑
half (1/2) of the resulting difference of the total general fund and budget reserve account appropriations,
excluding
transfers between
the general fund and budget reserve account
, authorized for expenditure during the same fiscal biennium minus the most recent revised revenue estimate presented by the consensus revenue estimating group to the legislature for the general fund and budget reserve account for the fiscal biennium;

(ii)

For state emergencies as determined by the governor and authorized by law to be expended subject to that determination;

(
i
i
i)

For appropriations to the school capital construction account established under W.S. 21
‑
15
‑
111(a)(i)
to be expended on
major maintenance;

(i
v
)

To
fund the balance of the
school foundation program for
a fiscal year as provided by and subject to the limitations of subsection (b) of this section
;

(
v)

For an
y other need identified by the legislature and authorized by law.

(d
)

Total appropriations or transfers of funds from the
legislative stabilization reserve account
in any fiscal biennium shall not exceed one
‑
fifth
(1/
5
) of the
cash
balance of the account as of
December 31
of the immediately preceding
odd numbered
calendar year
plus one
‑
fifth (1/5) of any earnings credited to the account under W.S. 9
‑
4
‑
719 as of December 31
of the
subsequent
even numbered calendar
year.

(
e
)

Not more than one
‑
half (1/2) of the forecasted general fund budget shortfall shall be appropriated from the funds in the legislative stabilization reserve account.

(f)

The limitations provid
ed by subsections (c)
and
(d
) of
this section shall not
apply to
the transfer of any contingent appropriation made in accordance with W.S. 9
‑
2
‑
1014.2.

(
g
)

As used in this section:

(i)

"Balance of the account" means the unobligated, unencumbered fund balance of the legislative stabilization reserve account, after deduction for contingent appropriations as defined in W.S. 9
‑
2
‑
1002(a)(xviii);

(ii)

"Budget shortfall" means as defined in W.S. 9
‑
2
‑
1002(a)(xvii).

9
‑
4
‑
719
.

Investment earnings spending policy permanent funds.

(b)

There is created the permanent Wyoming mineral trust fund reserve account. Beginning July 1, 2016 for fiscal year 2017 and each fiscal year thereafter, the state treasurer shall transfer unobligated funds from this account to the general fund as necessary to ensure that an amount equal to two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the permanent Wyoming mineral trust fund, calculated on the first day of the fiscal year, is available for expenditure annually during each fiscal year. As soon as possible after the end of each of the fiscal years beginning on and after July 1,
2017

2018
, revenues in this account in excess of one hundred fifty percent (150%) of the spending policy amount in subsection (d) of this section shall be credited
to the permanent Wyoming mineral trust fund
.

as follows:

(i)

A
n amount equal to
two
percent (
2
%) of the previous five (5) year average
market value of the permanent Wyoming mineral trust fund or as much thereof as is available,
calculated from the first day of the fiscal year
, to the
permanent Wyoming mineral trust fund
;

(ii)

The remainder to the
legislative stabilization reserve account
.

Section 2
.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

1
HB0166