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 the severance tax distribution account to ensure that distributions under a specified subsection do not exceed $155 million in any fiscal year, while also removing references to certain subsections that are no longer applicable. The bill also repeals existing provisions related to the school foundation program reserve account and mandates the transfer of all funds from this account to the common school permanent fund reserve account upon the bill's effective date.

Additionally, the bill requires the state auditor to report to the joint appropriations committee on the amounts transferred from the school foundation program reserve account by October 31, 2026, and again by October 31, 2027. The act is set to take effect immediately after all necessary legislative procedures are completed, as outlined in the Wyoming Constitution.

Statutes affected:
Introduced: 39-14-801