KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

Back to Wyoming

SJ0008 • 2023

Legislative stabilization reserve account-spending limits.

A JOINT RESOLUTION to amend the Wyoming Constitution to limit appropriations from the legislative stabilization reserve account and to authorize additional appropriations from the account for fiscal emergencies upon a three-fourths (3/4) vote of each house of the legislature voting separately.

Budget
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Senator Hicks
Last action
2023-02-07
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The official source does not provide details on the current balance of the legislative stabilization reserve account or its creation date, so this information is removed from the explanation.

Limiting Spending from Wyoming's Rainy Day Fund

This resolution proposes to change the Wyoming Constitution by setting limits on how much money can be taken out of the state’s rainy day fund and allowing extra spending during emergencies with a special vote.

What This Bill Does

  • Sets a rule that no more than 25% of the legislative stabilization reserve account's total amount can be spent in any one fiscal biennium.
  • Allows for more money to be taken from the legislative stabilization reserve account if there is a financial emergency, but only with a special vote by three-fourths (3/4) of each house of the legislature.

Who It Names or Affects

  • The state government of Wyoming
  • Legislators who make budget decisions

Terms To Know

Rainy day fund
A special savings account for the state to use during financial emergencies.
Fiscal emergency
A situation where the government needs extra money quickly because of unexpected financial problems.

Limits and Unknowns

  • The bill is marked as inactive, meaning it will not move forward in this session.
  • It does not specify what happens if a fiscal emergency occurs and the special vote cannot be reached.

Bill History

  1. 2023-02-07 Senate

    S:Died in Committee Returned Bill Pursuant to SR 5-4

  2. 2023-02-06 Senate

    S No report prior to CoW Cutoff

  3. 2023-01-25 Senate

    S02 - Appropriations:Do Pass Failed 2-3-0-0-0

  4. 2023-01-20 Senate

    S Introduced and Referred to S02 - Appropriations

  5. 2023-01-18 Senate

    S Received for Introduction

  6. 2023-01-17 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0473
2023
STATE OF WYOMING
23LSO-0473
Numbered
2.0

Senate Joint Resolution NO. SJ0008

Legislative stabilization reserve account-spending limits.

Sponsored by: Senator(s) Hicks, Dockstader, Driskill and Steinmetz and Representative(s) Bear and Jennings

A JOINT RESOLUTION

for

A JOINT RESOLUTION to amend the Wyoming Constitution to limit appropriations from the legislative stabilization reserve account and to authorize additional appropriations from the account for fiscal emergencies upon a three-fourths (3/4) vote of each house of the legislature voting separately.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.

The following proposal to amend the Wyoming Constitution by creating Article 15, Section 21 is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 21. Legislative stabilization reserve account; appropriations and transfers limited; fiscal emergencies.

(a)

Except as provided in subsection (b) of this section, the total amount of appropriations and transfers from the legislative stabilization reserve account for any one (1) fiscal biennium shall not exceed twenty-five percent (25%) of the balance of the account, as calculated on the first day of the fiscal biennium.

(b)

The legislature may appropriate or transfer funds from the legislative stabilization reserve account during a fiscal biennium in excess of the limit specified in subsection (a) of this section if the legislature determines that a fiscal emergency exists. Any legislation appropriating or transferring funds from the legislative stabilization reserve account under this subsection shall be passed only by a three-fourths (3/4) vote of all the members of each of the two (2) houses of the legislature voting separately.

Section 2.

That the Secretary of State shall endorse the following statement on the proposed amendment:

The Legislative Stabilization Reserve Account (Account), more commonly known as the "rainy day" fund, was created in 2005 and codified in statute in 2015. The account has been used for various appropriations but has grown to a current balance of approximately two billion dollars ($2,000,000,000.00).

This amendment would specify that appropriations from the Account in any one (1) fiscal biennium (budget period) cannot exceed twenty-five percent (25%) of the Account's balance as calculated on the first day of the biennium. The Legislature may, upon a three-fourths (3/4) vote of each house voting separately, appropriate funds from the Account in excess of the twenty-five percent (25%) limit if the Legislature determines that a fiscal emergency exists.

(END)

1
SJ0008