This bill modifies the existing laws governing the Wyoming Cultural Trust Fund and the Wyoming Wildlife and Natural Resource Trust Account by removing their inviolate status, which allows for increased investment opportunities. It introduces new spending policies that enable the investment of unobligated and unencumbered balances in equities, such as stocks, and redirects investment earnings into the trust fund corpuses instead of a separate income account. The bill also establishes a new disbursement policy based on five percent of the five-year average market value of the trust funds, enhancing the financial management of these resources while continuing to support cultural and natural initiatives in Wyoming.

Key changes include the removal of language that previously designated the funds as permanent trusts and the introduction of provisions for more flexible investment strategies and grant disbursements. The state treasurer or their designee will manage these investments, and the board will be responsible for awarding grants to cultural, historical, and arts organizations based on legislative appropriations. Additionally, the bill requires annual reporting to the governor and relevant committees, allows for additional funding proposals until the trust account's corpus exceeds $200 million, and mandates the transfer of unexpended funds to the trust funds by July 1, 2024. The act aims to streamline the grant application process while ensuring that funds are not used for acquiring real property or water rights.

Statutes affected:
24LSO-0267 v0.4: 9-2-2302, 9-2-2304, 9-15-103, 9-15-104, 9-15-105, 9-2-2307