[{"_1":2,"_112":-5,"_113":-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],{"_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",6200181,"mediaKeyId","3818398-c26bac527bb5e35bebe821dceede13e7","parentId",3818398,"title","Committee hears that governor’s line‑item veto restored CIPA transfers and could exhaust PMTF reserve by FY2028","audioSeconds",1110,"startMs",22765,"endMs",1133710,"viewUrl","/Search/View?dp=1&key=3818398-c26bac527bb5e35bebe821dceede13e7&start=22&end=1133","thumbnailUrl","https://assets.pipeline.soar.com/3818398-c26bac527bb5e35bebe821dceede13e7/thumbnail_22765.jpg","articleUrl","/articles/6200181/Wyoming/Committee-hears-that-governors-lineitem-veto-restored-CIPA-transfers-and-could-exhaust-PMTF-reserve-by-FY2028","mediaUrl","https://secure.pipeline.soar.com/6200181-097bc4c0e31fa36c577ff90e2608c9f5/orig.mp4?Expires=1771129048&Signature=gxwzUujpxt1RBUaheaX8Lwdh5Ka8HJ3g5k6W~EjPGkqxUgb2rvWGTT9lyL0bP6pmSo4mEutvrRebzgDOT0JJoHea1I3irBZCB-f9fQEnGISmE0WuXf214phiGyXCCrOJSMC56PtfghAxTVXNZesajrSN31l9v1f3dYaP8BIK4WVvuY-oVsQKSDEC9bJ2unhX5LwMeOpkmslz2W5YRGeup0lvIl-gp1DbMz5BfXfotml8IT1EV05izKzKZQJZi1-UmZ4faNejhKBdgojn7mGEfVr5q1hKTfQSzGYemHK7KCZXr9hU4DeOdFPKI0uo5kkNa7KsihFKGh5nrciok27NKw__&Key-Pair-Id=KUT5TJCACFTXG","author","Wyoming Legislature","date","2025-06-13T11:43:03Z","article","Members of the Select Committee on Capital Financing & Investments spent the morning reviewing changes made by the governor’s line‑item veto to 2025 Senate File 169 and what LSO staff said will be materially different fiscal outcomes for the Permanent Mineral Trust Fund (PMTF) reserve account and accounts the law calls the Strategic Investments and Projects Account (CIPA/SIPA) and the Legislative Stabilization Reserve Account (LSRA). The committee directed staff to draft corrective legislation and asked the treasurer and LSO to work on options for the next meeting.

LSO attorney Michael Fuller and LSO budget analyst Polly Scott told the committee that the enacted bill would originally have repealed SIPA effective July 1, 2026, and removed a statutory guarantee from the PMTF reserve account for transfers to CIPA. The governor’s line‑item veto instead made the act effective immediately and (among other changes) reversed the split of PMTF earnings above 2.5% so that those excess earnings would be credited entirely to CIPA rather than split between CIPA and the LSRA. Fuller summarized: “The primary purpose of that bill was to repeal SIPA effective 07/01/2026. The governor reversed the repeal and made the entire act effective immediately.”

Why it matters: LSO showed table estimates the committee had in its packet that compare three outcomes — the law before the 2025 session changes, the legislature’s enrolled (post‑session) version, and the law after the governor’s line‑item veto. Under the governor’s action, LSO projects the PMTF reserve account will be heavily relied upon and is estimated to fall short of its guarantee beginning in fiscal 2028. Scott briefed the committee that, under the vetoed‑into‑law distribution rules, over the six‑year forecast period the LSRA would receive effectively zero, CIPA would retain roughly $574,200,000 and transfer about $470,000,000 to the School Foundation Program (SFP); the PMTF reserve transfers supporting the spending policy were estimated at about $795,900,000 over six years. Scott said the reserve account’s duration under the governor’s changes was shortened to “about 3–3 plus years.”

Treasurer Curt Meyer told the committee those changes “substantially changed the bill and changed the appropriations” and warned the legislative leadership the vetoed structure would “zero out the reserve accounts” within a few years depending on investment returns. Senator Hicks told the committee the change “has significant long term fiscal impact” and urged this committee to consider bringing corrective legislation next session.

Discussion vs. direction vs. decisions: Committee members debated options and directed LSO and the treasurer’s office to produce a more detailed analysis and draft language. Several members asked that any corrective bill preserve the legislature’s ability to target funding to reserve accounts and the school account while restoring transparency. Senator Crum, Representative Nicholas and Treasurer Meyer all offered variations for how a fix might be structured; the committee conceptually approved asking LSO to draft a repeal/restore bill to reverse the governor’s distribution changes and to present a clear replacement that would protect reserve account duration.

Numbers and legal references discussed: LSO referenced the statutory distribution language it cited in committee materials (LSO referenced a statutory citation orally as “9‑4‑601(d)(6)” for a portion of the federal mineral royalties distribution). Fuller and Scott also described the $10,000,000 annual transfer to the state penitentiary capital construction account that had been part of the law and which the governor’s veto left in place. Scott walked committee members through tables showing estimated six‑year totals under alternate laws: e.g., the LSRA estimated at $124,100,000 under one scenario and CIPA receipts of $451,400,000 under another. Fuller and Scott repeatedly stressed that the January CREG forecast used in the tables excludes realized capital gains and that final fiscal‑year 2025 numbers will change when capital gains are realized.

What the committee asked staff to do next: committee members voted to ask LSO to prepare bill drafts to (1) restore the legislative‑adopted repeal of SIPA or otherwise correct the distribution language the governor changed, and (2) present clearer statutory options tying reserve‑guarantee mechanics to durable funding paths for the SFP and LSRA. The treasurer and staff were asked to provide a more comprehensive analysis of the reserve account projections, and the chair asked Representative Nicholas to work with the treasurer, Senator Hicks and LSO to produce draft language prior to the committee’s next meeting.

Ending: Committee members said they want the draft returned with precise fiscal notes and with a clear explanation of whether a statutory or constitutional approach is needed to protect long‑term reserve capacity.","mediaType","Video","parentTitle","Select Committee on Capital Financing and Investments, June 12, 2025-PM","oneSentenceSummary","Members of the Select Committee on Capital Financing & Investments were told LSO’s six‑year projections show the governor’s line‑item veto of 2025 Senate File 169 increases near‑term transfers from the PMTF reserve account and could deplete that reserve within a few years unless statutes are corrected.","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},6200166,"Committee orders bill drafts to raise online sports tax, add monitoring and slice more revenue from skill‑games and pari‑mutuel wagering",1141,8791140,9932604,"/Search/View?dp=1&key=3818398-c26bac527bb5e35bebe821dceede13e7&start=8791&end=9932","https://assets.pipeline.soar.com/3818398-c26bac527bb5e35bebe821dceede13e7/thumbnail_8791140.jpg","/articles/6200166/Wyoming/Committee-orders-bill-drafts-to-raise-online-sports-tax-add-monitoring-and-slice-more-revenue-from-skillgames-and-parimutuel-wagering","https://secure.pipeline.soar.com/6200166-6c08c4bf3f5fff410343732b1896ef1c/orig.mp4?Expires=1771129048&Signature=TiA8Odl6MVR-CzLCqTu~UJGoALjtVa8geFZ2MNRZMwpbedLDi-QFRm2u3krVo2CrUf-V~jU8wrrjVA0P8xYQQnLwJ5OQtx6bU71I~TJA-c7fCgY33vXF8c7WoO6KW7LRQAZblQlzv7K7vl7xEtKKcnF0G96SXtfl~lNfefkUTSbVDJwwoaZhX1tbJUNrtlNb4exTpokRhMNRQ-9xq6o7jwtYqZvH6E~X6QWCc62oVactDTLenF-xoWza3Er27BWpN1Jsq0YU6nMRwzGkOXy8Nkqy4mfpB7OAiW5yXHcTFEP5xKHLkgDr4fIKldGPZSa~-P6kdh0kLUos4CCuSwaXZA__&Key-Pair-Id=KUT5TJCACFTXG","The Select Committee on Capital Financing & Investments reviewed historic and current gaming revenues and voted to request multiple bill drafts to change how Wyoming collects and monitors gambling proceeds. LSO fiscal staff, the gaming industry and county and health officials presented data and the committee took several drafting votes after public comment.

What staff presented: LSO analyst Karen von (Vaughn) walked the committee through the state’s four main gaming revenue streams — the state lottery, pari‑mutuel wagering (live racing and simulcast/historic horse racing), skill‑based amusement games (skill games), and online sports wagering. LSO explained the statutory distributions for each stream and how Wyoming’s approach compares to other states.

Key figures LSO cited: the lottery has produced small absolute dollars relative to larger states (LSO noted 2024 lottery gross play roughly $40 million, and that Wyoming’s local governments have received about 13 cents on the dollar when comparing total played to amounts returned to local governments in that program). Skill‑based amusement games are taxed by statute so that 20% of net proceeds fund local governments and the School Foundation Program (LSO said the SFP has received about $11.7 million from skill games since 2020). Online sports wagering — authorized in 2021 and taxed at 10% of operators’ net proceeds — has yielded roughly $1.0–$1.5 million to the state general fund in each of the last two full years; LSO noted total wagering activity of about $629 million over multiple years in the packet and reported state receipts figures in committee materials. The lottery and sports wagering statutes also dedicate modest unclaimed or earmarked amounts for mental‑health programs ($200,000 from lottery unclaimed prizes and $300,000 from sports wagering proceeds).

Public comment and industry testimony: Tracy Laycock, general counsel for Wyoming Downs and 307 Horse Racing, explained how pari‑mutuel taxation and retainage work: handle (gross wagers) is not the same as revenue; operators distribute a large share of each wager back to bettors, and the state’s statutory tax rates apply to handle and different distributions then follow. Laycock cautioned that operator effective tax rates are higher than headline numbers imply because operators also fund breeders’ awards and other statutory obligations; she said the effective tax rate for live racing/historic racing in Wyoming is about 1.9% when required breeder assessments are included, and warned that tax increases put pressure on operator margins, payouts and local employment.

Committee drafting votes and direction: Following LSO presentation and public comment, committee members made and approved these drafting requests (conceptual language to be prepared by LSO):
- Increase the state’s share of online sports wagering net proceeds from 10% to 20% and return the draft for fiscal estimation. (motion passed)
- Increase skill‑based amusement game statutory transfer from 20% to 25% of net proceeds, with the additional 5% directed to state highways. (motion passed)
- Increase historic horse racing/simulcast taxation by one percentage point (a committee motion set a 1% increase; committee accepted a friendly amendment to apply the change to simulcast as well). Committee directed LSO to model the change and return with fiscal effects and noted payouts and breeder obligations currently exist; operators said effective tax with breeder assessments is already about 1.9%.
- Require that all regulated gaming platforms be subject to a central monitoring system for machine and wagering reporting; committee asked LSO to draft statutory language requiring a centralized monitoring system. (motion passed)

Other discussion and requests: committee members and county commissioners discussed consolidating gaming receipts into a single state account and making periodic distributions (quarterly/annual) rather than many small monthly transfers. County commissioners urged that local governments be considered in any reallocation (counties noted they manage the majority of local roads and asked to be included if highway money is reallocated). The Department of Health and county officials said the state currently directs $300,000 from sports wagering and $200,000 of unclaimed lottery tickets to problem‑gaming/mental‑health efforts; some counties decline those grants. Committee members asked LSO and the gaming commission for better data collection on problematic gaming prevalence, for a central monitoring system to improve revenue verification, and for scenario fiscal notes on proposed tax changes.

Next steps: LSO listed seven draft items it will produce and return with fiscal notes: (1) repeal/restore language for SIPA consequences (separate agenda item), (2) constitutional/statutory drafting for the generational fund (previous item), (3) online sports wagering revenue rate change to 20%, (4) skill‑based amusement games revenue change to 25% (with highways allocation for the increase), (5) historic horse racing/simulcast tax increase (1%), (6) statutory requirement for a central monitoring system for gaming, and (7) draft language to standardize distributions and packaging for committee review. The committee asked the gaming commission to present monitoring and reporting capabilities at the next meeting and requested LSO estimate fiscal impacts on the SFP, local governments and general fund for each draft.","LSO, gaming industry counsel and public officials briefed the Select Committee on the state’s four gaming revenue streams (lottery, pari‑mutuel/historic horse racing, skill‑based amusement games, and online sports wagering). After testimony the committee asked LSO to draft several bills: raise online sports wagering state share from 10% to 20%;",{"_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},6200170,"Committee approves drafting a constitutional amendment and statutory draft to create a long‑term compounding ‘generational’ account",226,6846320,7073225,"/Search/View?dp=1&key=3818398-c26bac527bb5e35bebe821dceede13e7&start=6846&end=7073","https://assets.pipeline.soar.com/3818398-c26bac527bb5e35bebe821dceede13e7/thumbnail_6846320.jpg","/articles/6200170/Wyoming/Committee-approves-drafting-a-constitutional-amendment-and-statutory-draft-to-create-a-longterm-compounding-generational-account","https://secure.pipeline.soar.com/6200170-d76ce924dddf53f81fa658349bc9b9ea/orig.mp4?Expires=1771129048&Signature=jhEkf7wATtSUHXhplHJ4GiTo8Lv6K4bOJPUYfWlKu4f4F1r9h-VQ2CU7sBRYxNY5X1SYhMKWjTP0sWlKQBmFTp0eGXaJdtzjJfSJGi2uJcgvB8nn3LGAqj28zTbiLda818It2vnEztQR4PSH-VIeYNDGBwjHHVDg8iy6PxXR1XrmSw1G8MM6Sqlbk25GVbdPjCjlQy7LZrEPsTApUjIe51T5C2r0cobgmyjrQMDK0JfOUIlNEFUim7KTCJwq7WnekaC2j2D-qkAgAV68MtZwNSsB1L8JnBOMpRaVdch5noDPosMzI~fg-fL6OxxXm7iwBbmQkh5-FIwNxbvxgsORGA__&Key-Pair-Id=KUT5TJCACFTXG","Committee members voted to ask LSO to draft a conceptual constitutional amendment creating a permanent “compounding investment permanent revenue account” (committee shorthand: the generational fund) and to prepare companion statutory options. Treasurer Curt Meyer and other supporters said the goal is to create a permanent, dedicated account that compounds contributions and provides predictable distributions after a maturation period.

LSO attorney Michael Fuller briefly described two versions of a bill the committee had in its packet. The introduced version discussed by LSO would have required a $100,000,000 annual transfer from the LSRA into the generational account for 30 years; the engrossed version allowed graduated transfers tied to the LSRA balance (for example, if the LSRA balance was below $1 billion no transfer would be made for that year). The LSO summary also explained proposed post‑maturity distribution mechanics: after a 30‑year building period a portion of the compounded earnings (the LSO handout used 37.5% as an example) could be distributed to the general fund while the remainder would be reinvested to preserve perpetual compounding.

Treasurer Meyer and others argued a constitutional vehicle would better protect a permanent account’s purpose while keeping asset‑allocation parameters statutorily adjustable. The treasurer told the committee the approach should be two‑pronged: “1 for asset allocation that should be statutorily and then 1 for a permanent fund, which essentially should be permanent the same way the permanent mineral trust fund is.” Representative Nicholas and Senator Crum urged careful drafting; Nicholas cautioned the committee that a constitutional amendment that is too prescriptive could tie future legislatures’ hands and recommended more general constitutional language with specific allocations left to statute.

Discussion vs. decision vs. direction: The committee approved a motion to request a constitutional amendment draft (conceptual language supplied by proponents was used as a starting point) and separately approved a motion to ask LSO for a statutory companion draft to implement the fund mechanics. Both motions were procedural — the committee requested drafts for future debate; no constitutional filing or final statutory language was adopted at the meeting.

Numbers and modeling LSO discussed: Fuller and the treasurer referenced a 30‑year build period and modeling examples in the packet. The introduced bill language discussed in committee contemplated a 30‑year stream of annual deposits (the introduced version used $100 million as a simple illustrative transfer amount). Fuller and Treasurer Meyer explained capital‑market assumptions under an 85% private equity / 15% private credit allocation would materially shorten the time to a specified maturity compared with lower‑risk mixes; they stressed, however, that capital‑market forecasts are uncertain and committee members asked for additional scenario analysis.

Next steps: LSO will draft the proposed constitutional amendment language and statutory companion drafts for committee review. Committee members asked for scenario modeling showing alternative deposit schedules and expected outcomes under different assumed returns and asked staff to provide background on the two legislative paths (statutory vs. constitutional) and the vote thresholds required for each.","The Select Committee moved conceptually to ask LSO for a constitutional amendment draft to create a permanent, compounding investment account and asked staff to prepare companion statutory language that would govern annual transfers and investment structure. Treasurer Meyer and proponents proposed an 85/15 private markets allocation and a 30‑year",{"_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},6200176,"Wyoming Retirement System posts above‑benchmark longer‑term returns; investment staff warn of greater near‑term volatility",113,2950799,3064395,"/Search/View?dp=1&key=3818398-c26bac527bb5e35bebe821dceede13e7&start=2950&end=3064","https://assets.pipeline.soar.com/3818398-c26bac527bb5e35bebe821dceede13e7/thumbnail_2950799.jpg","/articles/6200176/Wyoming/Wyoming-Retirement-System-posts-abovebenchmark-longerterm-returns-investment-staff-warn-of-greater-nearterm-volatility","https://secure.pipeline.soar.com/6200176-94e27a44c7e2129077d5e77615622b43/orig.mp4?Expires=1771129048&Signature=EDa16T1Yg2mMLJ-5ViQ2oFIiEla67kv9I~6c7LA3Cz7jb-KIkxK0t1U1tiPducja4KPLZ9R3Gx-CN8VSYa3iOn1mx95BOUf8i1jPmLxHeQqXWyPph6vadRHSBL6qDXa~oFyV92DgCDjPo3sLCIl-EB5WVZgRHoG-0AdruA5oF2z1cPOYusr1RRio6a9VaJuZSYWukBcEuJ3w8X3jV98uC0ExDuAjpBaJaHcYH8TDcHuR1YDYGXaLR1nF6Gmal7~mDAQEu-4aqwai65chOfzHPcvuh9AZ7AwS3Eh~bSeMJy9sVE2MwZ6B2fLMFYmmOO6-qCYb-aZ-i6P1v~6mctwIEw__&Key-Pair-Id=KUT5TJCACFTXG","The Wyoming Retirement System (WRS) updated the Select Committee on Capital Financing & Investments on investment performance through March 31, 2025. WRS and its independent consultants told the committee the system’s longer‑term returns have improved relative to peers, but consultants and staff warned that capital‑market assumptions show lower expected risk‑adjusted returns over the next decade and more volatility.

Sam Massudi, CIO of the Wyoming Retirement System, told the committee that WRS focuses on beating its benchmark over longer windows and that the five‑year return of the total fund was presented at roughly 11.66% annualized — about 1.34 percentage points above the benchmark — and placed WRS in the top percentile of its peer universe. Massudi said the board’s objective is a “highest risk‑adjusted return” and that staff measure performance by comparison to benchmarks and peers rather than short‑term outcomes.

Independent consultant Mika Malone of Makita Investment Group emphasized drivers of the most recent quarter and longer horizons. Malone said U.S. equities weakened in the quarter while international equities and bonds helped returns; she highlighted that gold — which is just under 2% of the portfolio — was a strong contributor, up “a little over 9%” in the quarter and “about 40%” over the trailing year. Malone also showed attribution tables indicating that selection in marketable alternatives and private markets has been a persistent source of outperformance over five‑year periods, and that the portfolio’s standard deviation has been aligned with the benchmark while producing positive Sharpe ratios across multiple measurement windows.

WRS staff and their consultants also noted operational context. The total fund size presented by staff was about $31 billion. Staff said some alternative investments report with a lag, and that monthly interim reports may understate returns from delayed alternative valuations. WRS staff described how the fund separates a short‑term reserve (lower‑volatility bond investments) from the long‑term reserve, which affects reported short‑term returns versus long‑term results.

Patrick Fleming, who appeared in multiple investment roles during the meeting and who the session recognized as retiring at month’s end, reflected on his tenure, portfolio staffing and progress. Fleming said the team expanded from one to more than a dozen investment professionals, and he urged continued attention to risk‑management as expected capital‑market returns soften over the next decade.

Discussion vs. decision vs. direction: committee members thanked staff and consultants and requested the standard comparative reports LSO and staff provide annually (historical funding‑path charts, funding projections to actuarial 100%, and peer comparisons). There were no formal policy votes tied to the presentation; the committee asked staff to return with charts showing projected steps to actuarial soundness if requested.

Ending: Committee members publicly thanked Fleming for his service. Consultants said the portfolio has made meaningful progress, but flagged lower forward capital market assumptions and increased volatility as reasons to retain a focus on risk‑adjusted performance.","WRS staff and independent consultants told the Select Committee on Capital Financing & Investments that long‑term returns improved, the fund reached top quartile performance in recent periods, and gold and marketable alternatives helped recent returns. WRS CIO and consultants recommended continued focus on risk‑adjusted returns as capital market","actionData","errors"]

Article not found

Committee hears that governor’s line‑item veto restored CIPA transfers and could exhaust PMTF reserve by FY2028

Committee orders bill drafts to raise online sports tax, add monitoring and slice more revenue from skill‑games and pari‑mutuel wagering

Committee approves drafting a constitutional amendment and statutory draft to create a long‑term compounding ‘generational’ account

Wyoming Retirement System posts above‑benchmark longer‑term returns; investment staff warn of greater near‑term volatility