HB0107

Establishes a statutory formula for distributing 5.6% of state sales and use tax revenues annually to Wyoming cities, towns, and counties based on population, assessed value, and revenue need.

• Defines 'population' as determined by the most recent federal decennial census reported by the Economic Analysis Division. (W.S. 39-15-601(a)(i))
• Directs 5.6% of state sales and use taxes collected annually to be transferred from the general fund to the office of state lands and investments for distribution to local governments, with 89% allocated to cities, towns, and counties and 11% allocated through supplemental formulas. (W.S. 39-15-602(a))
• Allocates two-thirds of 89% of total distributions directly to cities and towns, with 5% reserved for revenue-challenged municipalities, and one-third of 89% to counties. (W.S. 39-15-602(a)(i)-(ii))
• Allocates 5.5% of total distributions each to cities/towns and counties for supplemental funding, with 5% of the city/town allocation reserved for revenue-challenged municipalities. (W.S. 39-15-602(a)(iii)-(iv))
• Establishes a municipal supplemental funding formula for cities and towns that provides minimum base payments ($15,000 for populations of 35 or less, $35,000 for populations over 35) with remaining funds distributed based on normalized per capita sales tax revenue (75% weight) and normalized per capita assessed value (25% weight). (W.S. 39-15-602(b)(i))
• Creates a revenue-challenged formula for cities and towns that identifies municipalities receiving below the lowest quartile per capita amount and distributes available funds on a pro rata basis to bring those municipalities up to the lowest quartile threshold. (W.S. 39-15-602(b)(ii))
• Establishes a county supplemental funding formula that provides minimum payments for counties with less than $300,000 per mill assessed value, with remaining funds distributed based on normalized per capita sales tax revenue (24% weight), normalized per capita assessed value (76% weight), and a cost of government index. (W.S. 39-15-602(c)(i))
• Requires distributions to cities, towns, and counties to be made in equal installments on October 15 and March 15 of each fiscal year based on revenues from the immediately preceding fiscal year.