Legislative stabilization reserve account-obligations.

Plain English Breakdown

The official source material does not provide specific details about savings or program impacts.

Changes to Legislative Stabilization Reserve Account

This law reduces or removes outdated borrowing rules for a special state fund called the Legislative Stabilization Reserve Account, which helps with financial emergencies.

What This Bill Does

• Reduces the amount of money that can be borrowed from the Legislative Stabilization Reserve Account (LSRA) to help transportation projects during federal government shutdowns from $200 million to $100 million.
• Removes the ability for the Department of Administration and Information to borrow LSRA funds to add school districts to the state employees' group insurance plan.
• Eliminates the authority for the Department of Workforce Services to use LSRA funds to repay unemployment compensation revenues or benefits.

Who It Names or Affects

• The Department of Transportation
• School districts participating in the state employees' group insurance plan
• Department of Workforce Services

Terms To Know

Legislative Stabilization Reserve Account (LSRA)

A special fund used by the government to help with financial emergencies and support various state programs.

Interfund loans

Loans between different funds within the state's budget system, often used to manage cash flow issues.

Limits and Unknowns

• The law does not specify how much money will be saved or what specific programs might be affected by these changes.
• It is unclear if there are any unintended consequences from reducing borrowing authority for transportation projects during federal shutdowns.

Official Summary Text

Bill Summary - 23LSO-0262
Bill No.:

HB0064

Effective:

7/1/2023

LSO No.:

23LSO-0262

Enrolled Act No.:

HEA No. 0095

Chapter No.:

165

Prime Sponsor:

Select Committee on Capital Financing & Investments

Catch Title:

Legislative stabilization reserve account-obligations.

Subject:

Amending and eliminating obsolete or unnecessary obligations or guarantees on the Legislative Stabilization Reserve Account.

Summary/Major Elements:

The Legislative Stabilization Reserve Account (LSRA), commonly known as the "rainy day" fund, is an account that, among other things, is used for loans or guarantees for various state programs and obligations.

This act reduces or eliminates obsolete or unnecessary obligations or guarantees on the LSRA. Specifically, this act:
Reduces the LSRA borrowing authority for cash-flow purposes for transportation projects affected by a federal government shutdown from two hundred million dollars ($200,000,000.00) to one hundred million dollars ($100,000,000.00).
Repeals the authority for the Department of Administration and Information to borrow LSRA funds for adding school districts to the state employees' group insurance plan.
Repeals the authority for the Department of Workforce Services to borrow LSRA funds for repaying revenues or benefits associated with unemployment compensation.

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

23LSO-0262

ORIGINAL House

Bill No
.
HB0064

ENROLLED ACT NO. 95,

HOUSE OF REPRESENTATIVES

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

AN ACT relating to public funds; amending or eliminating unnecessary or obsolete borrowing authority or guarantees from the legislative stabilization reserve account as specified; repealing interfund loan authority for the unemployment compensation fund; repealing borrowing authority for the department of administration and information for purposes of school districts joining the state employees' and officials' group insurance plan; amending the source and amount of loans for the department of transportation as specified; making conforming amendments; and providing for an effective date.

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

Section 1.

W.S. 9
‑
1
‑
418 and 21
‑
7
‑
301(b) are amended to read:

9
‑
1
‑
418.

Legislative stabilization reserve account

loans; maximum amount; repayment.

The state auditor is authorized to borrow from the legislative stabilization reserve account an amount not to exceed
two hundred million dollars ($200,000,000.00)
one hundred million dollars ($100,000,000.00)
at any one (1) time to meet the obligations of the department of transportation which come due prior to the receipt of revenues. The amounts borrowed under this section shall be repaid as soon as the anticipated revenue is received. Interest on the unpaid balance shall be equal to the rate of return earned on
pooled fund investments
the legislative stabilization reserve account
in the previous fiscal year. These loans shall not be used to fund shortages caused by expenditures exceeding projected revenues but are to be used only to fund temporary shortages caused by meeting obligations which come due prior to receipt of revenues.

21
‑
7
‑
301.

Insurance and other fringe and employment benefits.

(b)

The board of trustees of each school district which is a participating district in the state employees' and officials' group insurance plan, as defined under W.S. 9
‑
3
‑
203(a)(xvi), shall provide insurance under the group plan for the teachers, administrative personnel and other employees meeting the definition of employee under W.S. 9
‑
3
‑
203(a)(iv), as provided by W.S. 9
‑
3
‑
202 through 9
‑
3
‑
218.

Each participating school district shall report to the department of administration and information
as specified by W.S. 9
‑
3
‑
205(e)
and make payments for employer and employee contributions as provided by W.S. 9
‑
3
‑
210 and 9
‑
3
‑
211.

The amount of contributions paid under W.S. 9
‑
3
‑
211 for each employee electing coverage shall be deducted from the employee's monthly salary in accordance with W.S. 9
‑
3
‑
211.

Section 2.

W.S. 9
‑
3
‑
205(e) and 27
‑
3
‑
303(e) are repealed.

Section 3
.

This act is effective July 1, 2023
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1