The bill modifies existing laws governing public funds in Wyoming, particularly the Wyoming cultural trust fund and the Wyoming wildlife and natural resource trust account. It removes the inviolate status of these funds, thereby enhancing their investment potential. The legislation introduces new spending policies, allowing the state treasurer to invest unobligated balances in equities, such as stocks, with a focus on achieving the highest risk-adjusted returns. Additionally, it establishes income accounts for both trust funds, which will include various contributions and earnings, and details how investment earnings will be allocated to these accounts. The bill also sets grant availability based on a percentage of the five-year average market value of the trust funds, with three percent for the cultural trust fund and four percent for the wildlife and natural resource trust account.

Moreover, the bill revises grant approval processes for small projects, aligning them with a new spending policy and allowing for continuous appropriation of funds from the income accounts for both small and large project grants. It specifies that grants can only be awarded to nonprofit and governmental organizations, with the board retaining discretion over grant amounts and conditions, while explicitly prohibiting the use of grant funds for acquiring real property or water rights. The legislation also repeals certain outdated statutory provisions and establishes that annual spending limits on the income accounts will not apply to funds deposited before July 1, 2025, after which all prior deposits will be subject to the new obligations. The act is scheduled to take effect on July 1, 2025.

Statutes affected:
Introduced: 9-2-2302, 9-2-2303, 9-2-2304, 9-2-2306, 9-2-2307, 9-15-103, 9-15-104, 9-15-105, 9-4-715