[{"_1":2,"_124":-5,"_125":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100,112],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6200184,"mediaKeyId","3818399-1166b153f7e589a88e6f0886dcf1457e","parentId",3818399,"title","Wyoming asks Congress to let state spend ‘earnings’ from permanent funds, not just interest","audioSeconds",562,"startMs",6313000,"endMs",6875000,"viewUrl","/Search/View?dp=1&key=3818399-1166b153f7e589a88e6f0886dcf1457e&start=6313&end=6875","thumbnailUrl","https://assets.pipeline.soar.com/3818399-1166b153f7e589a88e6f0886dcf1457e/thumbnail_6313000.jpg","articleUrl","/articles/6200184/Wyoming/Wyoming-asks-Congress-to-let-state-spend-earnings-from-permanent-funds-not-just-interest","mediaUrl","https://secure.pipeline.soar.com/6200184-88a40a025a899fe9014ac062d8ecdf5b/orig.mp4?Expires=1775062920&Signature=OPNfWoJbwmix0Uo~x0rpK1fVJtcN0Deus89Uv2MKIeVSS7Pn-wljn9X-aRVUXUYNK4diob-XStg72jGCKrmUBwYK~pHOQfmro9BFKBFhaktyWZHtpWrK0fcGqp2RePNb8zfMezx-NENVJgKJUEayX8O3QqJcPDYz7zkWW3rIURQdlOjSSMjJbVasXevBtMGLEBCy6-FzVZDrQ6MbjHXx6LB3Rha3Y42lfBbD~Hy-t~y7UYLtzijH0IhkJzBrkBeGKeMhh5TjbKMUn6x9EyFF~1dKjsvAiGALicYmjAHRHEMyKF15jCTPkdVmn4ydIu4LUOmxP43kFh3nH-ufIuSOTA__&Key-Pair-Id=KUT5TJCACFTXG","author","Wyoming Legislature","date","2025-06-13T06:00:38Z","article","CHEYENNE — The Select Committee on Capital Financing & Investments on Thursday reviewed House Joint Resolution 1, a request that the U.S. Congress amend Wyoming’s Act of Admission so the state may spend “earnings” from permanent funds rather than being limited to “interest” or “income,” committee staff said.

The change would let Wyoming treat realized and unrealized investment gains the same way endowments and many public funds do, supporters told the committee, allowing state managers to pursue a broader set of long‑term investments on behalf of state beneficiaries.

LSO staff member Mr. Shaw told the committee the resolution asks the congressional delegation to replace the narrower wording in three spots in the Act of Admission with the term “earnings,” which would broaden the funds the state may use to support schools and other constitutionally designated programs. Shaw said he has sent a formal letter to the delegation and that staff in the delegations were “considering it.”

Why it matters: State investment staff and consultants say the current language constrains portfolio design. Patrick Fleming, chief investment officer in the treasurer’s office, told the committee that the current spending rules force a heavier allocation to income‑producing securities such as bonds and reduce the state’s ability to capture the higher long‑term returns typically available to diversified endowments.

“The way our spending policy is is no. You can only get the dividend that Nvidia pays,” Fleming said in an example, noting that unrealized gains on equities cannot currently be used for annual spending under the Act of Admission language. He added that changing to a total‑return model would permit the state to consider dividends, interest and capital appreciation together when setting spending levels.

What the committee heard: LSO staff described the practical steps. Shaw said a congressional change is required before the state can alter its own constitution or implementing statutes; he characterized the process as multi‑step and likely to take more than one legislative cycle. Shaw also told the committee that other states have pursued similar changes and that the letter the legislature sent on May 1 outlines the request for congressional action.

Next steps: Committee staff will continue to follow up with the delegation. Shaw said it is common for such federal changes to be attached to other federal legislation rather than processed as a standalone bill, and he said the office will press the delegation for updates.

Ending: Committee members asked clarifying questions about timing and the steps that would be required at the state level once Congress acts. No formal committee vote on the resolution occurred during the meeting; the committee recorded the discussion and asked staff to continue tracking congressional engagement.
","mediaType","Video","parentTitle","Select Committee on Capital Financing and Investments, June 12, 2025-AM","oneSentenceSummary","The Select Committee on Capital Financing & Investments on Thursday discussed House Joint Resolution 1, which asks Congress to amend Wyoming’s Act of Admission so the state can base spending on “earnings” rather than the narrower terms “interest” or “income.”","taxTitle","Select Committee on Capital Financing & Investments, Select Committees & Task Force, Committees, Legislative, Wyoming","taxId",29193,"location","Wyoming","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6200169,"Wyoming Retirement System credits governance changes for multi‑year outperformance",819,1615000,2434000,"/Search/View?dp=1&key=3818399-1166b153f7e589a88e6f0886dcf1457e&start=1615&end=2434","https://assets.pipeline.soar.com/3818399-1166b153f7e589a88e6f0886dcf1457e/thumbnail_1615000.jpg","/articles/6200169/Wyoming/Wyoming-Retirement-System-credits-governance-changes-for-multiyear-outperformance","https://secure.pipeline.soar.com/6200169-6dd215fea95fa0d85b1c4f9efc577258/orig.mp4?Expires=1775062920&Signature=Pxn75LCzeKhll4dhesx~WPG-NeOj8YkTtvkDhv0WIVY2Dufrdwp~-ZkSABjq0uN~c-xs50sjQknWNB~lRO~bC7d7sjUEcMfHZuePzmQq4rj2x-XySurtpuTzIDSL6n2NmyReljvusqEUis30yO3q0X879OhFcx1yOl33Maa7G3XpdtvOk6lQsYXAQ5alYqMREPcZG0nn0bLEW1jOYY4-ynMjThhREPgN9pULmbspCvDe1B1Uh44Tvoc7932mFBNLrnTQ2JImiegakHHmQ-YsuvzboIrWozGLqyszsym58bbOg8ezdijHqkSOzGuFRGTXalojaa1t5BdMYGqeNCCx0w__&Key-Pair-Id=KUT5TJCACFTXG","CHEYENNE — Leaders of the Wyoming Retirement System told the Select Committee on Capital Financing & Investments that changes in governance and professional staffing produced material improvements in the system’s returns over the past decade.

David Swindell, executive director of the Wyoming Retirement System, said the system is managed as a single purpose fund for the exclusive benefit of members and that the Wyoming Retirement Board — including the elected state treasurer and nine appointed members — has exclusive fiduciary authority. The board, Swindell said, established an investment policy statement and an investment committee that oversees the fund’s posture.

Swindell described the board’s move in the 2010s to hire investment professionals and to add performance compensation as a turning point. He outlined a multi‑year improvement in results: a 10‑year period in which returns improved to top quartile for peers and a five‑year average return of 8.77% versus a median peer return of 6.93% over the same timeframe, figures the WRS presented to the committee. Swindell said the difference translated to roughly $963 million of excess returns (alpha) on an average balance of about $10.4 billion over that period.

Structure and authority: Swindell emphasized that the board has sole authority and delegates operational responsibility to the executive director and staff. The system uses an independent investment consultant and requires investment committee members to include individuals with institutional investment experience, he said. Investment manager hires are negotiated by staff and approved under the board’s delegated authority; the board retains oversight and veto power.

Proxy voting and operations: The system told the committee it is modifying its investment policy statement to incorporate the proxy‑voting constraints in Senate File 191 and that it has issued a request for proposals for a proxy‑voting service; that RFP closes June 27 and the system expects a vendor in place by September 1 to provide voting records and compliance support.

Why it matters: Swindell told legislators the improvements show how governance, staffing and appropriate compensation can materially affect public pension performance and that the system’s structure is intended to protect member benefits and to produce durable long‑term returns.

Ending: The committee heard no objections and asked staff to include WRS reporting on proxy‑voting and on the performance comparisons presented by the system.","Wyoming Retirement System leaders told the legislature’s capital finance committee that hiring in‑house investment professionals and improving governance and compensation produced top‑quartile multi‑year returns compared with peers.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6200174,"Treasurer’s office outlines IPS, proxy rules and plans to buy physical precious metals",9435,505000,9940000,"/Search/View?dp=1&key=3818399-1166b153f7e589a88e6f0886dcf1457e&start=505&end=9940","https://assets.pipeline.soar.com/3818399-1166b153f7e589a88e6f0886dcf1457e/thumbnail_505000.jpg","/articles/6200174/Wyoming/Treasurers-office-outlines-IPS-proxy-rules-and-plans-to-buy-physical-precious-metals","https://secure.pipeline.soar.com/6200174-c1239b4a7896f1f158bb70a89ed35777/orig.mp4?Expires=1775062920&Signature=AlQKTqGqSpp~~HuixzeOOXI~QCGSSQa3qo3lVpAAXI-2kpYoLiqqj8bK5J578ZjQZBiSbK2DqckrYuG9ESxnRN73Kmw0dLQHbBE4kFQOMoQIRQb8WYY0ZCWmAQOtTdDORLPNohHiAte~m7BwBvc2IcYuB3xTp1Mtkjin-ih8hYOAU5XM3AVYeu~sTUz7kLoNi-Re2s41eJbrKVHZuZjWG3J9Y3w-HH4QEPAIBRYTrWUXcwYhWDWuk0-w5yb9tSpryuOuP69Vktx99CVzw02OelTP4s9-Jk2LpwCkjCBeeBhPtnIHEoH1AhED3RJxlu7MTg9z9uPAkrS~38rVFcIFHw__&Key-Pair-Id=KUT5TJCACFTXG","CHEYENNE — Senior treasurer staff briefed the Select Committee on Capital Financing & Investments on the office’s investment operations, implementation of proxy‑voting rules from Senate File 191, and an early plan to acquire physical precious metals for the state’s holdings.

Investment process and policies: Samantha Daley, senior policy adviser at the State Treasurer’s Office, summarized how the office develops asset allocations with its consultant (RVK), reviews allocations through the Investment Funds Committee (IFC), and secures approval from the State Loan and Investment Board (SLIB). Daley told the committee the office selects managers based on risk‑adjusted return, track record, team composition and fees and that manager hires require IFC recommendation followed by SLIB approval.

Proxy voting and SF191: Norman LeBlanc, chief operating officer, said SF191’s requirements were already largely in place inside STO policy and that the office will add a single column to the public proxy report and hire a junior staffer to handle proxy and compliance tasks. “From an implementation perspective, there was very little to do,” he told the committee, and the office said proxy votes continue to be published semi‑annually on its website.

Precious metals acquisition: Treasurer staff said the office is pursuing a small allocation in physical precious metals as a capital‑preservation and liquidity diversifier. Seth Consoliver described an initial target purchase of approximately $10 million in gold and/or silver. The treasurer’s office has narrowed storage options to a state‑based facility (Wyoming Reserve in Casper) and institutional COMEX network vaults on the coast; the office said Wyoming Reserve offers easier audit access and COMEX vaults typically provide slightly lower storage fees but would likely commingle holdings for custodial efficiency.

Cost and custody: Andrew Spade, investment analyst, said preliminary storage quotes included an annual storage cost of roughly 18 basis points from the Wyoming Reserve option and a COMEX quote that would convert to a monthly fee; the office also said transport would be insured and that high‑value shipments are typically moved by aircraft while silver may move in armored vehicles. The treasurer’s office said it will finalize vendor negotiations before disclosing detailed commercial quotes and expects to pick a custodial solution after completing negotiated pricing and insurance details.

Wyoming Retirement System note: The Wyoming Retirement System (WRS) clarified for the committee that it does not hold physical bars; WRS told the committee it owns a gold ETF that holds physical metal and that ETF is tradable and liquid for portfolio management.

Next steps: The treasurer indicated a purchase decision and custody plan will be made after final negotiations; staff said they will report the total cost of acquisition, transportation and storage once those proprietary negotiations are complete.","State treasurer staff reviewed the office’s investment policy statement, its use of consultants and approval processes (IFC/SLIB), described compliance with proxy‑voting statute SF191, and outlined a preliminary plan to acquire $10 million in precious metals with options for storage in Casper or COMEX vaults.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6200179,"Wyoming converts wildlife and cultural trust funds to quasi‑endowments with fixed spending rates",185,6993000,7178000,"/Search/View?dp=1&key=3818399-1166b153f7e589a88e6f0886dcf1457e&start=6993&end=7178","https://assets.pipeline.soar.com/3818399-1166b153f7e589a88e6f0886dcf1457e/thumbnail_6993000.jpg","/articles/6200179/Wyoming/Wyoming-converts-wildlife-and-cultural-trust-funds-to-quasiendowments-with-fixed-spending-rates","https://secure.pipeline.soar.com/6200179-05fcfb60dee746a919b4f50c116e2830/orig.mp4?Expires=1775062920&Signature=AFNghf2PjnzoVSdiOWHcIGex~tWhkxrYrH0TOcXk5VLDTz1e~Nqjb16hSHfUS3AWFgCFrCbpssn2FHW5Yn3asjWuPwwaBzAC0xbGqVfgYiT0fBDh-Eqdmlnf7QeUEm3Aw25kyEyeFu7V2bNYzVoZWlc~tcVyd6X57fGFWsqDj2KccNq6mgJMXKPz1zXQWKIo2To32ldRfMdL59DudaDKbSGSRZIyvNon91AZ2~3YA2IScaCijJ7i27dxdLqH3GTl-GJvl8lPJohDmaKtZQ8JaLDsV~6E~zswK9JiuelJjjLWzPtT~moDZCot7T9uASMBg9jlKAh9BZuxF0N4vkKoKQ__&Key-Pair-Id=KUT5TJCACFTXG","CHEYENNE — The Select Committee on Capital Financing & Investments reviewed how Wyoming will implement Senate File 70, a law that converts two statutorily created trust funds — the Wyoming Wildlife and Natural Resource Trust Fund and the Wyoming Cultural Trust Fund — into quasi‑endowments with fixed annual spending transfers.

Under the law, each trust fund’s corpus is no longer treated as entirely inviolate for spending decisions. Instead, the statute directs a fixed annual transfer to an income account that will be used for grants and program spending: 4% (wildlife) and 3% (cultural) of the five‑year rolling average market value, with excess earnings directed back into the trust corpus to inflation‑proof the fund.

Treasurer’s office staff said the accounting and income accounts required by the law are open and operational and that the office is working on the technical methodology to move the funds from the pool in which they currently sit to an endowment‑style allocation. Seth Consoliver of the treasurer’s office told the committee that the office is studying the most cost‑effective method to transition assets and expects to decide on an approach by July and to begin implementation early in the next fiscal year.

Program directors said they support the change. Sarah Sheen, deputy director for State Parks Cultural Resources, told the committee the agency is “ready to roll” and is seeking sufficient spending authority to cover the first calculations of the 3% spending amount. Bob Bud, director of the Wyoming Wildlife and Natural Resource Trust, said the law “codifies what we’ve tried to do” and that the approach should make the funds more inflation‑resilient and increase their long‑term grant capacity.

Numbers and mechanics: Committee discussion cited corpus amounts the agencies track — roughly $202 million in corpus for the wildlife trust (with about $100 million in the income account, the committee was told, including one large legislative deposit this year) and about $28 million in corpus for the cultural fund and $1.5 million in income — and explained that those figures will feed the five‑year rolling averages used to compute annual transfers.

Why it matters: The change aims to stabilise grant funding year to year, avoid the large swings that result when spending is drawn only from current year earnings, and allow the trusts to grow through retained excess earnings. Both treasurer staff and program directors said that the trust boards and the treasurer’s office had discussed the approach for years and consider the statute an operational improvement.

Next steps: The treasurer’s office said it will finalize the transition method and start work in July; the trust programs will work with the office to confirm spending authority and to update grant program budgets once the first five‑year average is computed.

Ending: Committee members requested a follow‑up on the technical conversion plan and a schedule for the first calculated transfers; no formal committee action was required at the meeting.","Senate File 70, enacted by the Legislature, moves the Wyoming Wildlife and Natural Resource Trust and the Wyoming Cultural Trust Fund to a quasi‑endowment model with fixed annual transfers, 4% and 3% respectively, and requires investment as endowments; treasurer's office and the programs said they are preparing to implement the change.",{"_33":113,"_35":36,"_37":38,"_39":114,"_41":115,"_43":116,"_45":117,"_47":118,"_49":119,"_51":120,"_53":121,"_55":56,"_57":58,"_59":122,"_61":62,"_63":64,"_65":123,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6200164,"After constitutional approval, SLIB will set rules for cities and counties to invest directly in stocks",178,11078000,11256000,"/Search/View?dp=1&key=3818399-1166b153f7e589a88e6f0886dcf1457e&start=11078&end=11256","https://assets.pipeline.soar.com/3818399-1166b153f7e589a88e6f0886dcf1457e/thumbnail_11078000.jpg","/articles/6200164/Wyoming/After-constitutional-approval-SLIB-will-set-rules-for-cities-and-counties-to-invest-directly-in-stocks","https://secure.pipeline.soar.com/6200164-7f59a49762082bc491e3ebbe72b78664/orig.mp4?Expires=1775062920&Signature=NHfx83p5OgjdtH8KwgAq5BTrfSRGk06v1s5dwp5igMism-QGi~Vu26JTXu3Z-JuImidUa8U1fJ0vn8QYLnfXkL1oBaBCQbc-AOrFuiGcXJ664WcThRhl2zVzbmenZAUQsaXHPM8gO8dBepeuHZEYLFtDeIX47F6Oi8B1U0xuiNd~TJkFu2V0m~ED7CAJGEVQw5E3OYiBQ-I7~-jLSsA5u7s8WCtFr-Ag5T2M5axQhNKyBQ31s3Pmj-Xe6rhrdZpGGzJzMNLlpWeIgaJsYFUL48sVwnsyIpUUbHfhU-UhkuPAmG0Sj6eVvqz3iMksOhSDHLg4BVBm1LN6So6Q-jyKtw__&Key-Pair-Id=KUT5TJCACFTXG","CHEYENNE — The committee reviewed how Senate File 145 will let Wyoming cities, counties and special districts invest directly in stocks and equities after SLIB (the State Loan and Investment Board) adopts investment policy statements for local governments.

LSO staff summarized the bill’s structure: local governments must create an investment advisory board to advise on equities investing, SLIB must adopt investment policy statements tailored to local governments and investments must comply with SLIB’s standards before any local political subdivision may invest directly in stocks.

Betsy Anderson, deputy chief of staff to the governor, said the governor asked the state board’s consultant (RVK) to draft proposed policy language for SLIB. The draft has been shared with municipal and county associations for feedback and Anderson said the administration expects SLIB to consider the language at its August meeting.

County officials expressed cautious interest. Jeremiah Reaman (Wyoming County Commissioners Association) told the committee that commissioners and treasurers will work with the association and the governor’s office to give substantive feedback and that the association appreciates a deliberate process.

Why it matters: The constitutional amendment adopted in 2022 authorized the change, contingent on a two‑thirds legislative vote; the 2024 statute created an investment pool managed by the treasurer. Senate File 145 adds a second path allowing political subdivisions to invest directly, but only after SLIB enacts policy language and local governments set up advisory boards and meet the SLIB requirements.

Next steps: SLIB is expected to consider proposed investment policy statements in August; local governments and associations have been asked to provide comments to RVK and the governor’s office beforehand.

Ending: Committee members asked for notification of SLIB’s schedule and for the treasurer’s office to publish guidance for local treasurers and finance officers once the policy statements are adopted.","Senate File 145 authorizes local governments to invest directly in stocks and equities once the State Loan and Investment Board adopts investment policy statements comparable to state standards. The governor's office and local government associations are coordinating rule drafts; SLIB expects to consider policy language in August.","actionData","errors"]

Article not found

Wyoming asks Congress to let state spend ‘earnings’ from permanent funds, not just interest

Wyoming Retirement System credits governance changes for multi‑year outperformance

Treasurer’s office outlines IPS, proxy rules and plans to buy physical precious metals

Wyoming converts wildlife and cultural trust funds to quasi‑endowments with fixed spending rates

After constitutional approval, SLIB will set rules for cities and counties to invest directly in stocks