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 remove the reference to subsection (m) while retaining subsections (g), (h), and (k) for distribution purposes. Additionally, it repeals W.S. 21-13-306.1 and W.S. 39-14-801(m), as well as the 2024 Wyoming Session Laws, Chapter 118, Section 314, effectively eliminating the school foundation program reserve account.

Upon the bill's effective date, all funds from the now-repealed school foundation program reserve account will be transferred to the common school permanent fund reserve account. The bill stipulates that any unexpended funds previously appropriated from the reserve account will still be paid from the common school permanent fund reserve account, and any funds that would typically revert to the reserve account will instead revert to the common school permanent fund reserve account. Furthermore, the state auditor is required to report to the joint appropriations committee 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