Wyo. Stat. § 9-4-719 (2026)

permanent funds.

     (a) The purpose of this section is to establish a spending
policy for earnings on permanent fund investments to provide, in
descending order of importance:

          (i) Consistent, sustainable flow of earnings for
expenditure over time;

          (ii) Protection of the corpus of the permanent funds
against inflation; and

           (iii) To the extent practicable, increases in
earnings available for expenditure to offset the effects of
inflation.

     (b) There is created the permanent Wyoming mineral trust
fund reserve account. All funds within the account shall be
invested by the state treasurer as authorized under W.S. 9-4-
715(a), (d), (e) and (r) and all investment earnings from the
account shall be credited to the account. Except for funds
specified by the legislature that guarantee the obligations of
permanent Wyoming mineral trust fund investment earnings and
funds to be transferred into the permanent Wyoming mineral trust
fund, funds deposited into the reserve account created by this
subsection are intended to be inviolate and constitute a
permanent or perpetual trust fund. Beginning July 1, 2021 for
fiscal year 2022 and each fiscal year thereafter, to the extent
funds are available, the state treasurer shall transfer
unobligated funds from this account to the general fund on a
quarterly, pro-rata basis as necessary to ensure that an amount
equal to two and one-half percent (2.5%) of the previous five
(5) year average market value of the permanent Wyoming mineral
trust fund, calculated on the first day of the fiscal year, is
available for expenditure during each fiscal year. As soon as
possible after the end of each of the fiscal years beginning on
and after July 1, 2017, after making any transfer required
pursuant to paragraphs (i) and (ii) of this subsection, revenues
in this account in excess of two hundred forty-five percent
(245%) of the spending policy amount in subsection (d) of this
section shall be credited to the permanent Wyoming mineral trust
fund. For fiscal year 2020 and for each fiscal year thereafter:

          (i) As soon as practicable after the end of the
fiscal year, after making any other transfers provided by law
from the permanent Wyoming mineral trust fund reserve account,
but prior to calculating the balance of the account under this
subsection, the state treasurer shall transfer from the account
an amount equal to the difference between the maximum amount
which may be credited to the strategic investments and projects
account pursuant to subsection (q) of this section and the
amount actually credited to that account in the applicable
fiscal year;

          (ii) As soon as practicable after the end of the
fiscal year, the state treasurer shall perform an annual
reconciliation of the quarterly pro-rata payments to the general
fund under this subsection. If the reconciliation reveals an
excess in payments to the general fund, the treasurer shall pay
the excess amount from the general fund to the permanent Wyoming
mineral trust fund reserve account. If the reconciliation
reveals a shortfall in payments to the general fund, the
treasurer shall pay the shortfall amount from the permanent
Wyoming mineral trust fund reserve account to the general fund.

     (c) The earnings from the permanent Wyoming mineral trust
fund under W.S. 9-4-204(u)(iii) during each fiscal year
beginning July 1, 2001, in excess of the spending policy
established in subsection (d) of this section are appropriated
from the general fund to the permanent Wyoming mineral trust
fund reserve account. The appropriation shall be credited to the
account as soon as practicable after the end of the fiscal year
but no later than ninety (90) days after the end of the fiscal
year.
     (d) The annual spending policy for the permanent Wyoming
mineral trust fund is for each fiscal year (FY):

           (i)    Repealed by Laws 2002, Ch. 80, § 2.

           (ii)    Repealed By Laws 2004, Chapter 9, § 2.

           (iii)    Repealed By Laws 2004, Chapter 9, § 2.

           (iv)    Repealed By Laws 2002, Ch. 80, § 2.

          (v) An amount equal to five percent (5%) of the
previous five (5) year average market value of the trust fund,
calculated from the first day of the fiscal year.

           (vi)    Repealed by Laws 2021, ch. 144, § 3.

           (vii)    Repealed by Laws 2021, ch. 144, § 3.

     (e)   Repealed By Laws 2007, Ch. 148, § 2.

     (f) There is created the common school permanent fund
reserve account. All funds within the account shall be invested
by the state treasurer as authorized under W.S. 9-4-715(a), (d),
(e) and (r) and all investment earnings from the account shall
be credited to the account. Except for funds specified by the
legislature that guarantee the obligations of the investment
earnings from the common school account within the permanent
land income fund and funds to be transferred into the common
school account within the permanent land fund, funds deposited
into the reserve account created by this subsection are intended
to be inviolate and constitute a permanent or perpetual trust
fund. Beginning July 1, 2017 for fiscal year 2018 and each
fiscal year thereafter, the state treasurer shall transfer
unobligated funds from this account to the common school account
within the permanent land income fund as necessary to ensure
that an amount equal to the spending policy amount established
in subsection (h) of this section is available for expenditure
annually during the fiscal year. As soon as possible after the
end of each of the fiscal years beginning on and after July 1,
2017, revenues in this account in excess of four hundred twenty
percent (420%) of the spending policy amount shall be credited
to the common school account within the permanent land fund.

     (g) There is annually appropriated to the common school
permanent fund reserve account an amount determined under this
subsection from funds as provided in W.S. 9-4-601(d)(vi). The
amount shall be computed and calculated by the state treasurer.
The amount shall be equal to the extent to which earnings from
the common school account within the permanent land fund under
W.S. 9-4-204(u)(iv) exceed the spending policy established in
subsection (h) of this section for that fiscal year. The
appropriation shall be credited to the account as soon as
practicable after the end of the fiscal year but no later than
ninety (90) days after the end of the fiscal year.

     (h) The annual spending policy for the common school
account within the permanent land fund is for each fiscal year
(FY):

           (i)    Repealed By Laws 2002, Ch. 80, § 2.

           (ii)    Repealed By Laws 2004, Chapter 9, § 2.

           (iii)    Repealed By Laws 2004, Chapter 9, § 2.

           (iv)    Repealed By Laws 2002, Ch. 80, § 2.

          (v) An amount equal to five percent (5%) of the
previous five (5) year average market value of the account,
calculated from the first day of the fiscal year.

           (vi)    Repealed by Laws 2021, ch. 144, § 3.

           (vii)    Repealed by Laws 2021, ch. 144, § 3.

     (j)   Repealed By Laws 2007, Ch. 148, § 2.

     (k) There is created the excellence in higher education
endowment reserve account. Interest and other earnings on funds
within the account shall be credited to the account. Except for
funds specified by the legislature that guarantee the
obligations of excellence in higher education endowment fund
investment earnings and funds to be transferred into the
excellence in higher education endowment fund, funds deposited
into the reserve account created by this subsection are intended
to be inviolate and constitute a permanent or perpetual trust
fund. As soon as possible after the end of each of the fiscal
years beginning on and after July 1, 2017, revenues in this
account in excess of two hundred ten percent (210%) of the
spending policy amount in subsection (o) of this section shall
be credited to the excellence in higher education endowment fund
created by W.S. 9-4-204(u)(vi).
     (m) The earnings from the excellence in higher education
endowment fund during each fiscal year beginning July 1, 2006,
in excess of the spending policy amount established in
subsection (o) of this section shall be deposited by the state
treasurer to the excellence in higher education endowment
reserve account. The excess earnings shall be credited to the
reserve account as soon as practicable after the end of the
fiscal year but no later than ninety (90) days after the end of
the fiscal year.

     (n) To the extent the spending policy amount established
in subsection (o) of this section exceeds earnings from the
excellence in higher education endowment fund for the prior
fiscal year, the state treasurer shall distribute from the
excellence in higher education reserve account an amount equal
to one-half (1/2) the difference, and such amounts are
continuously appropriated from the reserve account for that
purpose. Any funds distributed pursuant to this subsection
shall be distributed no later than ninety (90) days after the
end of the fiscal year and shall be distributed and expended as
provided in W.S. 21-16-1201 through 21-16-1203 for earnings from
the excellence in higher education endowment fund. The state
treasurer in consultation with the University of Wyoming and
community college commission, shall report to the governor,
joint appropriations interim committee, joint education interim
committee and select committee on capital financing and
investments no later than November 1, of any year in which funds
have been or are anticipated to be distributed from the reserve
account under this subsection.

     (o) The annual spending policy amount for the excellence
in higher education endowment is as follows:

          (i) An amount equal to five percent (5%) of the
previous five (5) year average market value of the excellence in
higher education endowment fund, as calculated from the first
day of the fiscal year.

          (ii)   Repealed by Laws 2021, ch. 144, § 3.

     (p) Annually, not later than November 1, the state
treasurer, in consultation with the state loan and investment
board, shall provide a recommendation to the select committee on
capital financing and investments regarding modifications to the
spending policy amounts contained in this section. The
recommendations shall be consistent with the purposes specified
in subsection (a) of this section. The select committee on
capital financing and investments shall annually submit a
recommendation to all members of the legislature before the
convening of the session regarding modifications to the spending
policy amounts.

     (q) The earnings from the permanent Wyoming mineral trust
fund under W.S. 9-4-204(u)(iii) during each fiscal year
beginning July 1, 2016, which are less than the spending policy
established in subsection (d) of this section are appropriated
from the general fund subject to subsection (s) of this section
and the following:

          (i) Any earnings in excess of two and one-half
percent (2.5%) of the previous five (5) year average market
value of the trust fund, calculated from the first day of the
fiscal year and less than or equal to the spending policy amount
specified in subsection (d) of this section shall be credited to
the strategic investments and projects account created by W.S.
9-4-220;

          (ii) The appropriations in this subsection shall be
credited to the designated account as soon as practicable after
the end of the fiscal year but no later than ninety (90) days
after the end of the fiscal year;

           (iii)   Repealed by Laws 2021, ch. 144, § 3.

     (r)   Repealed by Laws 2017, ch. 205, § 2; ch. 206, § 2.

     (s) In any fiscal year or fiscal biennium funds to be
deposited to an account under subsection (q) of this section may
be deposited to a different fund or account as specified by a
general appropriations bill for state government as determined
by the legislature to be necessary to alleviate a budget
shortfall or structural budget deficit as defined by W.S.
9-2-1002, or to provide appropriations to maintain services as
determined by the legislature.