Fund balance calculations-federal encumbrances excluded.

Plain English Breakdown

The candidate explanation incorrectly stated that the bill includes federal encumbrances instead of excluding them from calculations.

Excluding Federal Encumbrances from Fund Balance Calculations

This law changes how fund balances for state funds are calculated by no longer excluding encumbrances of federal funds.

What This Bill Does

• Amends the definition of 'fund balance' to exclude encumbrances of federal funds when calculating fund balances of state funds.

Who It Names or Affects

• State government agencies responsible for financial reporting

Terms To Know

Fund balance

The amount of money left in a state fund after accounting for all obligations and encumbrances.

Encumbrance

A commitment to spend funds, such as an order placed or contract signed.

Limits and Unknowns

• The bill does not specify how the exclusion of federal encumbrances will affect state budgeting practices.
• It is unclear what specific changes this law will bring to financial reports and audits.

Official Summary Text

Bill Summary - 23LSO-0509
Bill No.:

SF0118

Effective:

Immediately

LSO No.:

23LSO-0509

Enrolled Act No.:

SEA No. 0008

Chapter No.:

23

Prime Sponsor:

Joint Appropriations Committee

Catch Title:

Fund balance calculations-federal encumbrances excluded.

Subject:

Amending the calculation of fund balances of state funds.

Summary/Major Elements:

Under current law, the calculation of fund balances of state funds excludes from the fund balance reserved encumbrances of any type.

This act provides that, for purposes of calculating fund balances of state funds, encumbrances of federal funds are not excluded or subtracted from the calculation of fund balances.

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-0509

ORIGINAL Senate

File No
.
SF0118

ENROLLED ACT NO. 8,

SENATE

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

AN ACT relating to the administration of government; amending the inclusion of federal encumbrances for purposes of calculating fund balances of state funds; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
2
‑
1002(a)(xxii)(B) is amended to read:

9
‑
2
‑
1002.

Definitions; powers generally; duties of governor; provisions construed; cooperation with legislature and judiciary; divisions enumerated.

(a)

As used in this act:

(xxii)

"Fund balance," "unappropriated fund balance" or "unobligated, unencumbered fund balance,"

notwithstanding cash or fund balances reflected in the state of Wyoming's comprehensive annual financial report, means:

(B)

Less the fund balance reserved encumbrances
, excluding encumbrances of federal funds,
from the comparative balance sheet by fund report
which
that
is run within five (5) days following the close of the prior fiscal year;

Section 2
.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1