The bill proposes significant changes to school finance in Wyoming by repealing the school foundation program reserve account and modifying the distribution of revenues associated with it. Specifically, it amends W.S. 39-14-801(d) to adjust the distribution formula, allowing for a maximum of $155 million in distributions from the severance tax distribution account. The bill also repeals W.S. 21-13-306.1 and W.S. 39-14-801(m), as well as the provisions from the 2024 Wyoming Session Laws, Chapter 118, Section 314, which are related to the now-defunct reserve account.

Furthermore, all funds currently in the school foundation program reserve account will be transferred to the common school permanent fund reserve account, with stipulations for handling any unexpended funds and accrued revenues. The state auditor is required to report on the amounts transferred by October 31, 2026, and again by October 31, 2027. The act is set to take effect immediately upon completion of the necessary legislative processes.

Statutes affected:
Introduced: 39-14-801