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HB0170 • 2023

Public funds-reserves and spending policy.

AN ACT relating to public funds; establishing a spending policy for the Wyoming wildlife and natural resource trust account; modifying expenditures from the wildlife and natural resource trust income account; modifying transfers from the Wyoming's tomorrow scholarship expenditure account as specified; modifying the calculation of the average market value of the Wyoming's tomorrow scholarship endowment fund; making conforming amendments; requiring the transfer of funds; and providing for an effective date.

Did Not Pass

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

Sponsor
Representative Harshman
Last action
2023-02-06
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The bill did not pass, so its exact effects remain uncertain.

Rules for Spending Public Funds

The bill sets rules on how to spend money from special accounts in Wyoming, including wildlife and natural resource funds and scholarship funds.

What This Bill Does

  • Establishes a spending policy for the Wyoming Wildlife and Natural Resource Trust Account that limits yearly spending based on market value calculations.
  • Modifies expenditures from the Wildlife and Natural Resource Trust Income Account.
  • Changes transfers of money from the Wyoming's Tomorrow Scholarship Expenditure Account, specifying when excess funds are moved to the scholarship endowment fund.
  • Requires transferring specific amounts of money from a reserve account to other accounts for wildlife resources and scholarships.

Who It Names or Affects

  • The state treasurer who manages these accounts.
  • People or organizations that receive grants or scholarships funded by these accounts.

Terms To Know

Trust Account
A special account where money is kept for a specific purpose, like helping wildlife and natural resources in Wyoming.
Endowment Fund
Money that is invested to earn income, which can be used for scholarships or other purposes.

Limits and Unknowns

  • The bill did not pass during the session it was introduced.
  • Details on how these changes will affect specific groups are unclear without further information.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0170HS001

Standing Committee • House Revenue Committee

Filed

Plain English: The amendment changes the title of HB0170 to focus on a natural resource trust fund and makes several deletions in the bill text.

  • Changes the catch title from 'Public funds-reserves and spending policy' to 'Natural resource trust fund'.
  • Removes references to modifying transfers, certain lines about scholarship expenditure account modifications, and specific sections of the bill.
  • Deletes pages 6 through 7 and several lines on page 8 that relate to detailed provisions of the original bill.
  • Increases a specified amount from $12,215,000.00 to $20,000,000.00.
  • The amendment text does not provide full context for all deletions, making it hard to understand the exact impact of removing certain sections and pages.
  • Some changes may affect the overall structure or meaning of the bill in ways that are not clear from this information alone.

Bill History

  1. 2023-02-06 House

    H COW:H Did not consider for COW

  2. 2023-02-02 House

    H Placed on General File

  3. 2023-02-02 House

    H03 - Revenue:Recommend Amend and Do Pass 6-3-0-0-0

  4. 2023-01-30 House

    :Rerefer to H03 - Revenue

  5. 2023-01-19 House

    H Introduced and Referred to H06 - Travel

  6. 2023-01-18 House

    H Received for Introduction

  7. 2023-01-17 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0361
2023
STATE OF WYOMING
23LSO-0361
Numbered
2.0

HOUSE BILL NO. HB0170

Public funds-reserves and spending policy.

Sponsored by: Representative(s) Harshman, Larsen, L, Nicholas, Northrup and Sommers and Senator(s) Barlow and Rothfuss

A BILL

for

AN ACT relating to public funds; establishing a spending policy for the Wyoming wildlife and natural resource trust account; modifying expenditures from the wildlife and natural resource trust income account; modifying transfers from the Wyoming's tomorrow scholarship expenditure account as specified; modifying the calculation of the average market value of the Wyoming's tomorrow scholarship endowment fund; making conforming amendments; requiring the transfer of funds; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
15
‑
103(b) and by creating a new subsection (s) and 21
‑
16
‑
1902(a) and (c) are amended to read:

9
‑
15
‑
103.

Wyoming wildlife and natural resource trust account created; income account created; expenditures; spending policy; purposes.

(b)

The state treasurer shall credit to a Wyoming wildlife and natural resource trust income account the earnings from investment of the trust account corpus.
Investment earnings may be expended by the board in accordance with this act in an annual amount not to exceed the spending policy amount specified in subsection (s) of this section, plus any funds in the income account from prior years that are available for expenditure but were not expended in the applicable year. As soon as possible after the end of each fiscal year, the state treasurer shall transfer all monies in the income account in excess of three hundred percent (300%) of the spending policy amount established in subsection (s) of this section to the trust account.
The legislature may, from time to time, appropriate funds directly to the income account for distribution in accordance with the terms of this act.

Such specially appropriated funds shall be credited directly by the state treasurer to the income account and are available to the board for award of grants as otherwise permitted by this act.

(s)

During each fiscal year beginning July 1, 2023, the earnings from investment of the trust account shall be credited to the income account for expenditure in accordance with this section. The amount of earnings available for expenditure under this subsection in any one (1) fiscal year shall be an amount equal to five percent (5%) of the five (5) year average market value of the trust account, calculated from the first day of the fiscal year, subject to the following:

(i)

For purposes of making the calculation under this subsection, the five (5) year average market value of the account shall be calculated as follows:

(A)

For fiscal year 2024, the five (5) year average market value shall be equal to the market value of the trust account, as calculated on the first business day of the fiscal year;

(B)

For fiscal year 2025, the five (5) year average market value shall be equal to the previous two (2) year average market value of the trust account, as calculated on the first business day of the fiscal year;

(C)

For fiscal year 2026, the five (5) year average market value shall be equal to the previous three (3) year average market value of the trust account, as calculated on the first business day of the fiscal year;

(D)

For fiscal year 2027, the five (5) year average market value shall be equal to the previous four (4) year average market value of the trust account, as calculated on the first business day of the fiscal year;

(E)

For fiscal year 2028 and each fiscal year thereafter, the five (5) year average market value shall be equal to the previous five (5) year average market value of the trust account, as calculated on the first business day of the fiscal year.

(ii)

The calculation required by this subsection shall constitute the spending policy for the trust account;

(iii)

Nothing in this subsection shall be construed to limit the board from expending funds that are specially appropriated to the income account under subsection (b) of this section or that are granted, given, transferred, bequeathed or donated to the income account under subsection (c) of this section;

(iv)

Except as provided in subsection (b) of this section, earnings in excess of the spending policy amount established under this subsection shall be retained in the income account.

21
‑
16
‑
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
‑
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:

(i)

Fifteen million dollars ($15,000,000.00) from the legislative stabilization reserve account to the Wyoming's tomorrow scholarship expenditure account created by W.S. 21
‑
16
‑
1902(a);

(ii)

Ninety million dollars ($90,000,000.00) from the legislative stabilization reserve account to the Wyoming's tomorrow scholarship endowment fund created by W.S. 9
‑
4
‑
204(u)(ix);

(iii)

Twelve million two hundred fifteen thousand dollars ($12,215,000.00) from the legislative stabilization reserve account to the Wyoming wildlife and natural resource trust account created by W.S. 9
‑
15
‑
103(a).

Section 3
.

This act is effective July 1, 2023
.

(END)

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HB0170