The Wyoming Legislature convened for its House Floor Session on February 28, 2025, to discuss key legislative measures, including the consolidation of two significant trust funds and amendments to performance compensation plans for state investments.

The session began with a proposal to combine the Wyoming Cultural Trust Fund and the Wildlife Natural Resource Trust Fund into a single account. This consolidation aims to establish a fixed percentage for annual withdrawals, enhancing financial stability and predictability for budgeting purposes. The proposed bill sets a withdrawal rate of 3% for the Cultural Trust Fund and 4% for the Wildlife Trust Fund. Both directors of the respective funds expressed strong support for this change, emphasizing the need for a more structured financial approach.

Representative Harshman highlighted the historical context of these funds, noting that the Cultural Trust Fund has grown to nearly $30 million in recent years, while the Wildlife Trust Fund has reached a goal of $200 million after significant investments since its inception. The consolidation is seen as a modernization effort, aligning with broader legislative goals to reform Wyoming's trust fund management and improve returns on investments.

Following the discussion on the trust funds, the legislature moved on to Senate File 38, which addresses performance compensation for state investment managers. This bill is a response to an audit of the treasurer's office, which confirmed that current performance benchmarks are appropriate. However, the audit recommended transitioning from an arithmetic to a geometric average for calculating performance compensation, allowing for a more accurate reflection of investment returns over time.

Chairman Locke and Representative Larson Lloyd supported the bill, emphasizing its alignment with the audit's recommendations and the importance of maintaining a solvent retirement system for state employees. The discussion underscored the legislature's commitment to ensuring effective management of state funds while adapting to changing financial landscapes.

The session concluded with a vote on both bills, with the trust fund consolidation passing favorably, indicating a step forward in Wyoming's financial management strategy. The legislature's ongoing efforts to modernize its financial policies reflect a proactive approach to addressing the state's fiscal challenges and ensuring sustainable growth for its trust funds.