Bill Summary – FastDemocracy

                                                          24LSO-0582
                             STATE OF WYOMING
                             SENATE FILE NO. SF0110
     School finance-cash reserves.
     Sponsored by: Senator(s) Dockstader and Representative(s)
                   Allred, Brown and Northrup
                                     A BILL
                                      for
 AN ACT relating to school finance; eliminating the sunset
 date for an increase in school district operating balances
 and cash reserves; and providing for an effective date.
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 Be It Enacted by the Legislature of the State of Wyoming:
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        Section 1.   W.S. 21-13-313(e) is amended to read:
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        21-13-313.   Distribution of    funds from foundation
 account;     property tax and cash reserve adjustment;
 regulations.
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        (e)   Not later than January 31 of each fiscal year,
 and except where    a different percentage is    otherwise
 specified in this subsection, the department shall compute
                                        1              SF0110
                         STATE OF WYOMING                              24LSO-0582
 the amount by which each district's operating balance and
 cash reserves at     the end of    the preceding fiscal year
 exceed fifteen percent        (15%)       of the total foundation
 program amount computed under        W.S.   21-13-309        for the
 preceding fiscal year.     In making this calculation,         the
 entire operating balance and cash reserves for each
 district for the fiscal year ending June     30,     1997,    as
 computed by the department, shall be separately accounted
 for and excluded, until it has been completely expended by
 the district.        Revenues from settlements of     protested
 amounts attributable to        levies assessed under    W.S.
 21-13-102(a)(i)(A) and (ii)(A) and 21-13-201, regardless of
 the assessment year, shall be accounted for and excluded
 from the calculation under this subsection for a period of
 not more than one (1) year following that fiscal year in
 which the revenue was received by a district, as verified
 in writing by    the district and certified by    the county
 treasurer.      Except as    otherwise provided in    1997    Special
 Session Laws, chapter 3, section 306(e), as amended, and
 except as excluded under this subsection, that excess shall
 be deemed to be a state revenue under W.S. 21-13-310(a) for
 the purpose of     determining distributions under    W.S.
 21-13-311 and amounts to be rebated under W.S. 21-13-102.
                                                2                  SF0110
                       STATE OF WYOMING                                  24LSO-0582
 The department shall promulgate rules, including reporting
 requirements and procedures for districts,          to implement
 this subsection.          As used in    this section,           "operating
 balance and cash reserves" means those financial resources
 of the district which are not encumbered by the district
 board of trustees for expenditure to meet an existing legal
 obligation or otherwise restricted by law or regulation for
 expenditure on specific educational programs.                                For purposes
 of this subsection,        any balance within        a district's
 separate account established under W.S. 21-15-109(e)                                    for
 major building and facility repair and replacement shall be
 deemed restricted by law for expenditure as provided by
 W.S. 21-15-109(e) and shall not be considered an operating
 balance and cash reserve under this section. For the fiscal
 year ending June 30, 2022 through the and each fiscal year
 ending June      30,    2026     thereafter,           the department shall
 compute the amount by    which each district's operating
 balance and cash reserves at     the end of   the preceding
 fiscal year exceed thirty percent        (30%)       of the total
 foundation program amount computed under W.S. 21-13-309 for
 the preceding fiscal year.       During this period For the
 fiscal year ending June       30,      2022     and each fiscal year
 thereafter, the amount of a district's operating balance
                                             3                   SF0110
                       STATE OF WYOMING                        24LSO-0582
 and cash reserves that may be    increased from fifteen
 percent        (15%)   to thirty percent       (30%)   of the total
 foundation program amount computed under W.S. 21-13-309 for
 the preceding fiscal year shall be    accounted for and
 reported separately and shall not be    transferred or
 expended for purposes of capital construction. For purposes
 of this subsection, "capital construction" does not include
 major building and facility repair and replacement as
 defined under W.S. 21-15-109(a)(iii).
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        Section 2.       This act is effective July 1, 2024.
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                                       (END)
                                           4                  SF0110
Statutes affected: 
Introduced: 21-13-313