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SF0111 • 2022

Wyoming financial transparency act.

AN ACT relating to the administration of government; requiring reports from the state treasurer's office; and providing for an effective date.

Budget
Did Not Pass

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

Sponsor
Senator Gierau
Last action
2022-02-28
Official status
inactive
Effective date
3/1/2022

Plain English Breakdown

Checked against official source text during the last sync.

Wyoming Financial Transparency Act

The Wyoming Financial Transparency Act requires the state treasurer's office to provide regular reports on financial transactions and audits.

What This Bill Does

  • Requires the state treasurer's office to give a report on cash and investment earnings every three months from September 30, 2022, to July 1, 2024.
  • Asks the state treasurer's office to provide updates about steps taken in response to an operational audit of investments and financial accounting by October 1, 2022, and again by October 1, 2023.
  • Requires monthly information reports from July 1, 2022, to June 30, 2024, about distributions and transfers of state funds, investment earnings, and any issues related to investments and accounting.

Who It Names or Affects

  • The state treasurer's office
  • Joint appropriations committee
  • Select committee on capital financing and investments
  • State loan and investment board

Terms To Know

Operational audit
A review of the operations and financial activities to ensure they are running efficiently and according to rules.
Investment pools
Groups of investments managed together, often by a professional investment manager.

Limits and Unknowns

  • The bill did not pass in the session it was introduced.
  • It only requires reports for two years from July 1, 2022 to June 30, 2024.

Bill History

  1. 2022-02-28 Senate

    S COW:S Did not consider for COW

  2. 2022-02-24 Senate

    S Placed on General File

  3. 2022-02-24 Senate

    S07 - Corporations:Recommend Do Pass 5-0-0-0-0

  4. 2022-02-18 Senate

    S Introduced and Referred to S07 - Corporations 29-0-1-0-0

  5. 2022-02-16 Senate

    S Received for Introduction

  6. 2022-02-16 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
22LSO-0449
2022
STATE OF WYOMING
22LSO-0449
Numbered
2.0

SENATE FILE NO. SF0111

Wyoming financial transparency act.

Sponsored by: Senator(s) Gierau

A BILL

for

AN ACT relating to the administration of government; requiring reports from the state treasurer's office; and providing for an effective date.

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

Section 1.

[State Treasurer's Office-Transactions]

Effective beginning September 30, 2022 and ending July 1, 2024, not later than ninety (90) days after the end of each calendar quarter, the state treasurer's office shall provide a reconciliation of cash and investment earnings for all transactions conducted in the prior quarter to the joint appropriations committee and select committee on capital financing and investments.

Section 2.

[State Treasurer's Office-Operational Audit Recommendations]

(a)

Not later than October 1, 2022 and October 1, 2023, the state treasurer's office shall report to the joint appropriations committee and select committee on capital financing and investments on the advice of the investment funds committee on the following:

(i)

The steps taken to respond to the recommendations in the operational audit of the investments and financial accounting within the state treasurer's office funded in 2020 Wyoming Session Laws, Chapter 80, Section 2, Section 060, footnote 2;

(ii)

Each operational audit's recommendation and the implementation status of each recommendation.

Section 3.

[State Treasurer's Office-Monthly Information Reports]

(a)

During the period beginning July 1, 2022 and ending June 30, 2024, the state treasurer's office shall
provide monthly information reports to the state loan and investment board and the legislature through the joint appropriations committee concerning the following:

(i)

The monthly and fiscal year status of all distributions and transfers of state funds required by law to occur during the relevant period and the expected date for the completion of the distributions and transfers;

(ii)

The monthly and fiscal year status of investment earnings, interest, dividends and realized and unrealized gains and losses for each of the investment pools under the control of the state treasurer's office and separately for each investment manager under contract with the state treasurer's office;

(iii)

Any issues, including delays, identified by the state treasurer's office related to investment and accounting of funds under the control of the state treasurer's office and any actions planned or taken to address the identified issues.

Section 4
.

This act is effective July 1, 2022
.

(END)

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SF0111