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Appropriations Committee backs lowering common school PLF distribution to 4.5%
Summary
House Bill 271, like HB270, would reduce the distribution rate from 5% to 4.5% for the Common School Permanent Land Fund to grow the reserve account and increase long‑term returns; the committee voted 6‑1 to report the bill do pass after brief testimony from education advocates urging caution.
The House Appropriations Committee voted 6‑1 to report House Bill 271 do pass, a measure that would lower the distribution/spending policy for the Common School Permanent Land Fund from 5% to 4.5% and direct the difference into the Common School Permanent Land Fund reserve account to grow the corpus.
Sponsor Representative Sherwood said the reduction is intended to speed the fund’s growth so the reserve can achieve higher investment returns that will, over time, provide more stable distributions to the school foundation program. “By changing the spending policy from 5% to 4.5% we’re taking a smaller slice to be able to go and spend, but as the corpus grows we’ll have more available in future years,” Sherwood told the committee.
Tate Mullen of the Wyoming Education Association again urged caution, saying educators worry the timing could be perceived as a reduction in school funding while broader education funding debates continue and while other bills that change education costs are under consideration.
After limited committee discussion and no additional amendments, the committee recorded a roll call vote in which Representatives Aleman, Angelos, Bair, Harrelson, Pendergraft and Smith voted aye; Chairman Sherwood voted no. The committee reported the bill do pass with a 6‑1 tally.
