News – Sheridan Media
On Thursday, Feb. 17, the Wyoming House of Representatives and the Wyoming Senate voted to move forward an unprecedented $1.4 billion in savings and fully fund Wyoming’s K-12 education system in the supplemental budget bill.
While appearing on Sheridan Media’s Public Pulse program, State Senator Dave Kinskey (R – District 22), told listeners that he and many other legislator’s felt saving such an amount was a remarkable accomplishment.
Sen. D. Kinskey
According to Kinskey, with the persistent temptation to fund projects, the thought of Wyoming’s two chamber’s agreeing to save such an amount seemed unlikely to happen.
Sen. D. Kinskey
Funds saved within the Permanent Mineral Trust funds cannot be spent. According to Kinskey, The Wyoming Constitution forbids such an action. The earnings from the interest can be spent, but nothing from the account directly. The permanent funds the budget appropriates to are for the operation of state government and for education, Kinskey said.
According to the District 22 Senator, the reserve accounts are intended to be tapped only in the event of a downturn in the economy and tax revenues. These funds are the location the other half of the savings have been deposited. In theory, Kinskey said, politicians could reach into the reserves and try to spend it for purposes other than a “rainy day.” But Kinskey hopes the need to buffer against busts is so ingrained in the Wyoming legislature’s collective memories, they will never see the need to dip into the account.
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Last modified: March 13, 2023