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23LSO-0549
2023
STATE OF WYOMING
23LSO-0549
Numbered
2.0
HOUSE BILL NO. HB0203
PMTF and CSPLF reserve accounts-repeal and simplification.
Sponsored by: Representative(s) Obermueller, Jennings, Yin and Zwonitzer, Dn and Senator(s) Hicks and Rothfuss
A BILL
for
AN ACT relating to public funds; amending the distribution of excess investment earnings of the permanent Wyoming mineral trust fund and common school account within the permanent land fund; repealing the spending policy for the common school account within the permanent land fund; repealing the permanent Wyoming mineral trust fund reserve account and the common school permanent fund reserve account; making conforming amendments; repealing obsolete provisions; providing for 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
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2
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1013(d)(ii), 9
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4
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601(d)(iii) and (v)(C), 9
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4
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719(c) and 16
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1
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111(f) are amended to read:
9
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2
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1013.
State budget; distribution of copies to legislators; copies and reports of authorizations; interfund loans.
(d)
In addition to the items contained in subsection (a) of this section and notwithstanding any other recommendations made by the governor, the state budget shall also include the governor's recommendations for appropriations for the ensuing two (2) years, or if a supplemental budget request, the remainder of the budget period, subject to the following:
(ii)
The total recommended appropriations under this subsection for any two (2) fiscal year budget period shall not exceed the total estimated revenues for that two (2) year period.
The total estimated revenues computed under this paragraph shall not include increases in existing revenue sources which would be available to the state only after enactment of legislation in addition to existing law, but shall include the unencumbered balances in all other accounts in all other expendable funds subject to this section, and as further provided herein, as those funds are identified in accordance with standards promulgated by the governmental accounting standards board, but specifically excluding pension funds, nonexpendable trust funds, debt service funds and intragovernmental funds, that would be available for that budget period.
Funds
within the permanent Wyoming mineral trust fund reserve account created under W.S. 9
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4
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719(b), the common school permanent fund reserve account created under W.S. 9
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4
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719(f) funds
within the legislative stabilization reserve account in excess of the limitation under subparagraph (iii)(C) of this section
,
or funds within five percent (5%) of estimated general fund receipts for the next biennium to be appropriated to the budget reserve account as required by W.S. 9
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2
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1012(e) shall not be included in total estimated revenues computed under this paragraph.
Funds from a contingent appropriation shall not be included as an estimated source of revenue or funds available unless those funds previously had been authorized to be expended within the fiscal period covering the budget period of the recommendation;
9
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4
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601.
Distribution and use; funds, accounts, cities and towns benefited; exception for bonus payments.
(d)
Except as provided in subsections (k), (m) and (n) of this section, any revenue received under subsection (a) of this section in excess of two hundred million dollars ($200,000,000.00) shall be distributed as follows:
(iii)
Subject to paragraphs (v)
, (vi)
and (viii) of this subsection, one
‑
third (1/3) to the school foundation program account;
(v)
From the amounts which would otherwise be distributed to the school foundation program account under paragraph (iii) of this subsection, amounts shall be deposited to the excellence in higher education endowment fund and the Hathaway student scholarship endowment fund created by W.S. 9
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4
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204(u)(vi) and (vii) in accordance with and subject to the requirements of this paragraph.
The amounts specified in this paragraph shall be reduced as the state treasurer determines necessary to ensure that as of July 1 of each fiscal year, there is an unobligated, unencumbered balance of one hundred million dollars ($100,000,000.00) within the school foundation program account.
Distributions under this paragraph shall be as follows:
(C)
After the amounts specified in subparagraphs (A) and (B) of this paragraph are deposited to the appropriate fund, remaining funds shall be deposited
pursuant to paragraph (vi) of this subsection and then
to the school foundation program account as provided in paragraph (iii) of this subsection.
9
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4
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719.
Investment earnings; spending policy; permanent funds.
(c)
The earnings from the permanent Wyoming mineral trust fund under W.S. 9
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4
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204(u)(iii) during each fiscal year beginning July 1,
2001
2024
, in excess of the spending policy established in subsection (d) of this section are appropriated from the general fund to the permanent Wyoming mineral trust fund
reserve account
under W.S. 9
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4
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204(u)(iii)
. The appropriation shall be credited to the account as soon as practicable after the end of the fiscal year but no later than ninety (90) days after the end of the fiscal year.
16
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1
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111.
Loans to political subdivisions; requirements; limitations; rulemaking.
(f)
There is created a loss reserve account for loans made under this section. A loan origination fee of one
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half of one percent (0.5%) of the loan shall be paid by the loan applicant and deposited to the loss reserve account for any loan approved under this section. If, as a result of default in the payment of any loan made under this section, there occurs a nonrecoverable loss either to the corpus of, or interest due to the permanent Wyoming mineral trust fund, the board shall restore the loss to the permanent fund using any funds available in the loss reserve account. If the funds in the loss reserve account are insufficient to restore the full amount of the loss, the board shall submit a detailed report of the loss to the legislature and shall request an appropriation to restore the balance of the loss to the permanent fund. Beginning
June 30, 2018
September 30, 2024
, the state treasurer shall transfer funds quarterly from the
permanent Wyoming mineral trust fund reserve account
legislative stabilization reserve account
to the loss reserve account created in this subsection, in an amount necessary to ensure that as of the last day of each quarter there is an unobligated, unencumbered balance equal to five percent (5%) of the balance of outstanding loans under this section.
Any funds transferred to the loss reserve account pursuant to this subsection which are not necessary to maintain the five percent (5%) balance shall be transferred back to the
permanent Wyoming mineral trust fund reserve account
legislative stabilization reserve account
on the last day of the quarter.
Section 2.
W.S. 9
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4
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601(d)(vi), 9
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4
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715(r) and 9
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4
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719(b) and (f) through (h) are repealed.
Section 3.
(a)
On the effective date of this act, the permanent Wyoming mineral trust fund reserve account is repealed and all funds in the permanent Wyoming mineral trust fund reserve account shall be transferred to the permanent Wyoming mineral trust fund. On the effective date of this act, appropriations from the permanent Wyoming mineral trust fund reserve account made prior to the effective date of this act and, have not been paid shall be paid from the general fund. All funds that are directed to revert to the permanent Wyoming mineral trust fund reserve account by law shall revert to the permanent Wyoming mineral trust fund.
(b)
On the effective date of this act, the common school permanent fund reserve account is repealed and all funds in the common school permanent fund reserve account shall be transferred to the common school account within the permanent land fund. On the effective date of this act, all appropriations from the common school permanent fund reserve account prior to the effective date of this act and that have not been paid shall be paid from the school foundation program reserve account. All funds that are directed to revert to the common school permanent fund reserve account by law shall revert to the common school account within the permanent land fund.
Section 4
.
This act is effective July 1, 2024
.
(END)
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HB0203