The bill proposes significant amendments to Wyoming's public fund management, focusing on the Permanent Wyoming Mineral Trust Fund and the legislative stabilization reserve account. It establishes a new spending policy that allows for 5% of the previous five-year average market value to be allocated for annual spending, with any excess investment earnings being transferred to the legislative stabilization reserve account starting July 1, 2026. The bill also introduces a process for transferring unobligated funds from the legislative stabilization reserve account back to the general fund if necessary. Additionally, it requires the state auditor to withhold distributions to noncompliant local governments and sets a general fund reserve amount, while modifying the appropriations process for public welfare emergencies.

Moreover, the bill includes provisions for the management and distribution of state funds, such as capping severance tax revenue distributions at $155 million per fiscal year and reallocating excess funds to the general fund. It repeals several existing accounts, including the budget reserve account, and mandates the transfer of all funds from these accounts to the general fund by July 1, 2026. The state treasurer is tasked with transferring $10 million annually to the Wyoming state penitentiary capital construction account until 2038, and the bill emphasizes sustainable financial practices and the responsibilities of the state treasurer in managing these funds. Overall, the bill aims to enhance fiscal responsibility and ensure effective allocation of state resources to support essential programs and services.

Statutes affected:
24LSO-0001 v0.6: 9-2-102, 9-4-220