The bill amends various provisions related to public funds in Wyoming, focusing on the management and distribution of state revenues. Key changes include the continuation and codification of the legislative stabilization reserve account, with new stipulations that funds can only be expended by legislative appropriation and must be invested by the state treasurer. The bill increases the required unobligated balance in the public school foundation program account from $100 million to $400 million and modifies the transfer mechanisms for restoring this balance. Additionally, it introduces a new subsection that mandates the transfer of excess funds from the public school foundation program account to the school foundation program reserve account at the end of each fiscal biennium, provided certain conditions are met.

Further amendments include the establishment of a common school permanent fund reserve account, which is intended to be a permanent trust fund, and changes to the distribution of severance tax revenues. The bill specifies that for fiscal year 2027 and beyond, any excess severance tax distributions will be allocated two-thirds to the general fund and one-third to the school foundation program reserve account. It also creates a new one percent severance tax account for revenues that are not designated by the legislature, ensuring that these funds remain available for future legislative decisions. The act is set to take effect on July 1, 2026, with certain sections becoming effective a year earlier.

Statutes affected:
24LSO-0248 v0.4: 9-4-219, 9-4-719, 39-14-801, 9-4-601