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23LSO-0240
2023
STATE OF WYOMING
23LSO-0240
ENGROSSED
3.0
HOUSE BILL NO. HB0030
Wyoming's tomorrow scholarship program amendments.
Sponsored by: Joint Education Interim Committee
A BILL
for
AN ACT relating to the Wyoming's tomorrow scholarship program; modifying the transfer of funds from the Wyoming's tomorrow scholarship expenditure account to the Wyoming's tomorrow scholarship endowment fund; modifying the calculation of the average market value of the Wyoming's tomorrow scholarship endowment fund as specified; transferring funds as specified; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 21
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16
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1902(a) and (c) is amended to read:
21
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16
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1902.
Wyoming's tomorrow scholarship expenditure account created; use and appropriation of funds; calculation of annual average market value.
(a)
Except as otherwise provided by law, the Wyoming's tomorrow scholarship expenditure account is created to consist of all earnings from the Wyoming's tomorrow scholarship endowment fund created by W.S. 9
‑
4
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204(u)(ix) and other funds appropriated by the legislature to the expenditure account. Funds within the expenditure account may be invested as authorized by law. Interest and other earnings from amounts within the expenditure account shall be credited to the expenditure account. Monies within the expenditure account are continuously appropriated to the state treasurer for distribution to eligible institutions based on scholarships awarded by the commission under this article, subject to limitations provided for under subsection (b) of this section. As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2022, the state treasurer shall transfer monies from the expenditure account to the Wyoming's tomorrow scholarship endowment fund to the extent monies within the expenditure account are in excess of an amount equal to
nine percent (9%)
twenty
‑
one percent (21%)
of the previous five (5) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year, except as provided for under subsection (c) of this section. 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 the amount of funds within the expenditure account at the end of the previous fiscal year and as of July 1, of the current fiscal year.
(c)
The
annual
average market value of the Wyoming's tomorrow scholarship endowment fund shall be calculated as follows for the fiscal year (FY) specified:
(i)
FY
2023
2024
shall be equal to the market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first
business
day of the fiscal year;
(ii)
FY
2024
2025
shall be equal to the previous two (2) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first
business
day of the fiscal year;
(iii)
FY
2025
2026
shall be equal to the previous three (3) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first
business
day of the fiscal year;
(iv)
FY
2026
2027
shall be equal to the previous four (4) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first
business
day of the fiscal year;
(v)
FY
2027
2028
and each fiscal year thereafter, shall be equal to the previous five (5) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first
business
day of the fiscal year.
Section 2
.
(a)
On July 1, 2023, the state auditor shall transfer five million dollars ($5,000,000.00) from the legislative stabilization reserve account to the Wyoming's tomorrow scholarship expenditure account.
(b)
On July 1, 2023, the state auditor shall transfer sixty million dollars ($60,000,000.00) from the legislative stabilization reserve account to the Wyoming's tomorrow scholarship endowment fund.
(c)
On July 1, 2023, the state auditor shall transfer ten million dollars ($10,000,000.00) from the general fund to the Wyoming works program account created by W.S. 21
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18
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408(a).
(d)
On July 1, 2023, the state auditor shall transfer five million dollars ($5,000,000.00) from the general fund to the Wyoming works student grant account created by W.S. 21-18-408(b).
Section 3.
To the extent any provision of this act conflicts with any provision of 2023 House Bill 0109, as enacted into law, the provisions of this act shall control.
Section 4
.
This act is effective July 1, 2023
.
(END)
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HB0030