HB0262

Establishes a limit on county reserves, requiring counties to calculate reserves based on average annual spending and refund excess reserves to eligible residents.

• Defines 'annual spending amount' as the average of total county expenditures over the preceding five fiscal years, excluding voter-approved specific purpose taxes, and 'excess funds' as any county funds held above the annual spending amount. (W.S. 18-4-109(a))
• Prohibits counties from holding excess funds that exceed the county's annual spending amount, effective July 1, 2025. (W.S. 18-4-109(b))
• Requires each county to calculate its annual spending amount and estimate excess funds by July 1, 2025 and each July 1 thereafter, and report the results to the Department of Revenue. (W.S. 18-4-109(c))
• Requires counties with excess funds to report the amount to the Department of Revenue and county commissioners, provide notice to residents, and refund excess funds according to statutory timelines. (W.S. 18-4-109(d))
• Establishes a notice deadline of July 15 each year for counties to inform persons entitled to receive refunds of excess funds. (W.S. 18-4-109(e))
• Requires counties to refund excess funds to property owners by August 15 each year on a pro rata basis, limited to those who have been county residents for at least one year, with residency determined according to W.S. 23-1-107. (W.S. 18-4-109(f))
• Authorizes the state treasurer to withhold double the amount of excess funds from county payments under tax distribution statutes if a county fails to refund excess funds by the August 15 deadline, holding the withheld amount until the county certifies that refunds have been made. (W.S. 18-4-109(g))

Effective: Immediately upon completion of all acts necessary for the bill to become law

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