The bill amends Wyoming Statute 21-13-313 to eliminate the sunset date for an increase in school district operating balances and cash reserves. Specifically, it changes the calculation of excess operating balances and cash reserves from a limit of fifteen percent (15%) to thirty percent (30%) of the total foundation program amount for each fiscal year, starting from June 30, 2022, and continuing indefinitely. The bill also stipulates that the increased amounts must be reported separately and cannot be used for capital construction purposes, although major building and facility repairs are exempt from this restriction.

Additionally, the bill clarifies that the department will compute the excess operating balance and cash reserves annually, and it mandates the promulgation of rules for reporting requirements and procedures for school districts. The effective date of this act is set for July 1, 2024.

Statutes affected:
Introduced: 21-13-313