The bill establishes new spending policies for the Wyoming cultural trust fund and creates a dedicated income account for it. It defines the "income account" and outlines the structure of the trust fund, which will include designated funds and various contributions. The state treasurer is tasked with managing the investments of both the trust fund and the income account, allowing for investments in equities to maximize returns while preserving the principal. A new spending policy is introduced, permitting the distribution of earnings from the income account at a rate of five percent of the five-year average market value of the trust fund. Additionally, unobligated funds from the income account can be transferred to the trust fund, and grants from the income account will have a spending limit, excluding special appropriations or donations from this limit.

The bill also introduces provisions for calculating the five-year average market value of the Wyoming Wildlife and Natural Resource Trust Account, ensuring a smoother spending policy over time. The calculation for fiscal years 2025 through 2029 will begin with the current market value and progressively incorporate averages from previous years. It clarifies that this calculation will guide the spending policy for the income account and allows for the expenditure of specially appropriated funds without impacting the spending policy amount. Furthermore, the bill repeals outdated provisions related to the Cultural Trust Fund and removes both the Cultural Trust Fund and the Wildlife and Natural Resource Trust Fund from the Pool A investment pool, enabling a total return investment strategy. The act is set to take effect on July 1, 2024.

Statutes affected:
24LSO-0043 v0.3: 9-2-2303, 9-2-2304, 9-2-2306, 9-2-2307, 9-15-103