This amendment restructures the permanent mineral trust fund spending policy by creating a reserve account with phased percentage reductions and establishing a new earnings distribution mechanism.
- Adds language to the bill's purpose statement to include ensuring specified distributions are funded. (Page 1, line 3)
- Expands the statutory sections being amended to include W.S. 9-4-715(b)(i) and adds reference to W.S. 9-4-719(q)(i) in addition to the existing reference to W.S. 9-4-719(d)(v). (Page 1, lines 4-5)
- Creates a new permanent Wyoming mineral trust fund reserve account under W.S. 9-4-715(b) with inviolate status. Establishes a quarterly transfer mechanism from the reserve account to the general fund based on a spending percentage that is 2.5% through fiscal year 2025, then reduces by one-sixth percent annually for three years, and settles at 2.0% thereafter, calculated on the previous five-year average market value. (Page 1, lines 7-39)
- Adds a mechanism requiring the state treasurer to transfer amounts to equalize credits between the strategic investments and projects account and legislative stabilization reserve account after the fiscal year ends. (Page 1, lines 41-6 and Page 2, lines 1-6)
- Modifies W.S. 9-4-719(d)(v) to limit the 5% spending policy reduction to 4.5% through fiscal year 2025 only, while specifying that beginning fiscal year 2026, the percentage reduces by one-sixth percent annually for three years, then becomes 4.5% permanently. (Page 2, lines 8-19)
- Creates a new W.S. 9-4-719(q) subsection that appropriates earnings from the permanent mineral trust fund that fall short of the spending policy amount from the general fund. Directs excess earnings above the percentage threshold but below the spending policy amount to be credited equally to the legislative stabilization reserve account and strategic investments and projects account, with the percentage threshold mirroring the reserve account structure (2.5% through fiscal year 2025, reducing by one-sixth percent annually for three years, then 2.0%). (Page 2, lines 21-40)
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