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SF0030 • 2022

Wyoming community college investment fund.

AN ACT relating to community college funding; creating accounts and a permanent fund; requiring reports; providing for the transfer of funds; amending a provision regarding permanent funds of the state; providing an appropriation; and providing for an effective date.

Education
Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Education
Last action
2022-02-15
Official status
inactive
Effective date
3/1/2022

Plain English Breakdown

The bill did not pass, so its provisions have not been implemented.

Wyoming Community College Investment Fund

The bill creates accounts and a permanent fund for Wyoming community colleges, requires annual reports on the status of these funds, and transfers $1,000 from the general fund to start the investment fund.

What This Bill Does

  • Creates an account called the 'Wyoming Community College Income Account' where money from investments will be kept.
  • Establishes another account, the 'Community College State Aid Expenditure Account,' for spending money given by the legislature.
  • Requires the state treasurer to report annually on the status of these accounts and the community college investment fund.
  • Amends existing laws to include a new permanent fund called the Wyoming Community College Investment Fund.
  • Transfers $1,000 from the general fund to start the Wyoming Community College Investment Fund.

Who It Names or Affects

  • Wyoming community colleges
  • The state treasurer and auditor
  • Legislators who decide on funding

Terms To Know

Permanent funds
Special accounts that hold money for specific purposes, which can be invested but not spent without a special law.
Community College State Aid Expenditure Account
An account where money is kept to help pay for community college expenses after it's approved by the legislature.

Limits and Unknowns

  • The bill did not pass and was not signed into law.
  • It does not specify how much money will be added to or taken from the fund in the future.
  • Details on how funds are invested and earnings distributed were not provided.

Bill History

  1. 2022-02-15 Senate

    S Failed Introduction 19-11-0-0-0

  2. 2022-01-19 Senate

    S Received for Introduction

  3. 2022-01-14 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
22LSO-0108
2022
STATE OF WYOMING
22LSO-0108
Numbered
2.0

SENATE FILE NO. SF0030

Wyoming community college investment fund.

Sponsored by: Joint Education Interim Committee

A BILL

for

AN ACT relating to community college funding; creating accounts and a permanent fund; requiring reports; providing for the transfer of funds; amending a provision regarding permanent funds of the state; providing an appropriation; and providing for an effective date.

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

Section 1
.

W.S. 21
‑
18
‑
501 is created to read:

ARTICLE 5
WYOMING COMMUNITY COLLEGE INCOME ACCOUNT

21
‑
18
‑
501.

Wyoming community college income account created; expenditure account created; use and appropriation of funds.

(a)

The Wyoming community college income account is created into which all investment earnings from the Wyoming community college investment fund created by W.S. 9
‑
4
‑
204(u)(ix) and other funds appropriated by the legislature shall be deposited. The balance of the Wyoming community college income account shall be distributed on a quarterly basis to the community college state aid expenditure account as created by subsection (b) of this section.

(b)

There is created the community college state aid expenditure account. Funds within the account shall only be expended upon legislative appropriation.

All funds within the account shall be invested by the state treasurer as authorized by law and all earnings from the account shall be deposited to the account.

(c)

The state treasurer shall report not later than November 1 of each year to the joint education interim committee and the select committee on capital financing and investments on the amount of funds within the Wyoming community college investment fund as created by W.S.
9
‑
4
‑
204(u)(ix), the Wyoming community college income account and the community college state aid expenditure account at the end of the previous fiscal year. The report required under this subsection may be included within any other report requiring that the same information be reported, provided that the report is delivered to the joint education interim committee and the select committee on capital financing and investments.

Section 2
.

W.S. 9
‑
4
‑
204(u) by creating a new paragraph (ix) and 9
‑
4
‑
714(a)(v) are amended to read:

9
‑
4
‑
204.

Funds established; use thereof.

(u)

Other funds defined as follows shall be classified by the state auditor pursuant to subsections (s) and (t) of this section:

(ix)

Wyoming community college investment fund
‑
to consist of funds appropriated or designated to the fund by law, or by gift from whatever source. In accordance with Wyoming Constitution Article 15, Section 20, monies within the fund shall not be expended and may be
invested in the same manner as other permanent funds of the state. Earnings from investment of monies within the fund shall be distributed to the Wyoming community college income account created by W.S. 21-18-501(a) on a quarterly basis and expended as provided by law.

9
‑
4
‑
714.

Definitions.

(a)

As used in this act:

(v)

"Permanent funds" means the permanent Wyoming mineral trust fund under W.S. 9
‑
4
‑
204(u)(iii), the Wyoming permanent land fund under W.S. 9
‑
4
‑
204(u)(iv), the excellence in higher education endowment fund under W.S. 9
‑
4
‑
204(u)(vi), the Hathaway student scholarship endowment fund under W.S. 9
‑
4
‑
204(u)(vii)
,

and
the Hathaway expand Wyoming scholarship endowment fund under W.S. 9
‑
4
‑
204(u)(viii)
and the Wyoming community college investment fund under W.S. 9
‑
4
‑
204(u)(ix)
;

Section 3
.

On July 1, 2022, the state auditor shall transfer one thousand dollars ($1,000.00) from the general
fund to the Wyoming community college investment fund as created by this act.

Section 4.

This act is effective July 1, 2022
.

(END)

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SF0030