The bill modifies the Wyoming's Tomorrow Scholarship Program by adjusting the transfer of funds from the Wyoming's Tomorrow Scholarship Expenditure Account to the Wyoming's Tomorrow Scholarship Endowment Fund. Specifically, it changes the threshold for transferring excess funds from nine percent (9%) to twenty-one percent (21%) of the previous five-year average market value of the endowment fund. Additionally, the calculation of the average market value for the endowment fund is updated for fiscal years 2024 through 2028, with the first year being based on the current market value and subsequent years based on the average market value from the previous years.

Furthermore, the bill mandates the transfer of significant funds from the legislative stabilization reserve account to support the scholarship program, including fifteen million dollars ($15,000,000) to the expenditure account and ninety million dollars ($90,000,000) to the endowment fund, both effective July 1, 2023. The act is set to take effect on the same date, ensuring that the scholarship program is adequately funded to support eligible institutions and students in Wyoming.

Statutes affected:
Introduced: 21-16-1902