Select Capitol Finance Committee Moves Local Government Investments Forward

Posted by Bobbie Frank on June 20, 2024

The Select Committee on Capitol Financing and Investment met yesterday and discussed local government investment options, pursuant to Senate file 90 – State-managed local government equity investment pool – passed in the 2024 session. The Legislative Service Office provided the Committee history and overview of local government investment pools. Of interest in the memorandum was an LSO analysis of a sampling of Wyoming local government, including cities, towns, counties, and special districts investable funds.

In one example, consisting of one county, three towns and four special districts, the available investable balance was $306 million. In a second analysis of two towns and three special districts, the investable balance was $82 million.

Included in testimony was the County Commissioners Association which also offered options for how the local government investment in equities could move forward. Scott Meier, Wyoming Banker’s Association offered testimony on impacts to community banks and impact pulling money out of their banks and into WyoStar I and III, and the impact that has on banks’ ability to invest in businesses and communities.

The committee directed LSO to draft two bills based on the County Commissioners recommendation with some additional stipulations.

The Committee meets again September 6 in Casper.

Posted in Advocacy on the Move, Wyoming Advocacy.