Education accounts-investment earnings.

Plain English Breakdown

The bill summary does not provide specific details on how investment earnings will be used or what happens if there are no unobligated funds available for transfer.

Education Accounts Investment Earnings

The bill requires that investment earnings from certain education accounts be retained in those same accounts.

What This Bill Does

• Amends the laws to specify that all funds within the Common School Permanent Fund Reserve Account and the School Capital Construction Account shall be invested by the state treasurer.
• Specifies that any investment earnings must stay in their respective accounts.

Who It Names or Affects

• The State Treasurer
• Schools and educational institutions receiving funds from these accounts

Terms To Know

Common School Permanent Fund Reserve Account

An account that holds money for schools, with earnings staying within the account.

School Capital Construction Account

An account used to fund construction projects in educational institutions.

Limits and Unknowns

• The bill does not specify how the investment earnings will be used once they are retained.
• It is unclear what happens if there are no unobligated funds available for transfer from the Common School Permanent Fund Reserve Account to the common school account within the permanent land income fund.

Official Summary Text

Bill Summary - 20LSO-0336
Bill No.:

HB0053

Effective:

7/1/2020 12:00:00 AM

LSO No.:

20LSO-0336

Enrolled Act No.:

HEA No. 0016

Chapter No.:

111

Prime Sponsor:

Joint Appropriations Committee

Catch Title:

Education accounts-investment earnings.

Subject:

Retention of investment earnings in education accounts.

Summary/Major Elements:

Current law does not explicitly specify where the investment earnings on the Common School Permanent Fund Reserve Account and the School Capital Construction Account are distributed.

The act specifies that the investment earnings on the Common School Permanent Fund Reserve Account and the School Capital Construction Account shall be retained in each fund, respectively.
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.

Current Bill Text

20LSO-0336

ORIGINAL House

Bill No
.
HB0053

ENROLLED ACT NO. 16,

HOUSE OF REPRESENTATIVES

SIXTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING
2020 Budget Session

AN ACT relating to public funds; providing for the investment of specified accounts; providing for the retention of investment earnings; and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
719(f) and 21
‑
15
‑
111(a)(i) are amended to read:

9
‑
4
‑
719.

Investment earnings spending policy permanent funds.

(f)

There is created the common school permanent fund reserve account.
All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the account.
Beginning July 1, 2017 for fiscal year 2018 and each fiscal year thereafter, the state treasurer shall transfer unobligated funds from this account to the common school account within the permanent land income fund as necessary to ensure that an amount equal to the spending policy amount established in subsection (h) of this section is available for expenditure annually during the fiscal year. As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2017, revenues in this account in excess of one hundred fifty percent (150%) of the spending policy amount shall be credited to the common school account within the permanent land fund.

21
‑
15
‑
111.

Definitions.

(a)

As used in this act, unless the context requires otherwise:

(i)

"Capital construction account" or "school capital construction account" means the account into which revenues are deposited pursuant to W.S. 9
‑
4
‑
601(a)(vii), (b)(i) and (iv), into which the proceeds from any revenue bonds are credited under W.S. 21
‑
15
‑
108, and into which any other funds are appropriated to the account for purposes of this act.
All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the account.
Funds within the account shall be expended only for purposes of and in the manner prescribed by this act;

Section 2
.

This act is effective July 1, 2020
.

(END)

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