Wyoming Considers Investing Rainy Day Funds
CHEYENNE, Wyo. (AP) — Wyoming lawmakers are considering investing a portion of the state's rainy day fund in an effort to produce more revenue.
The Wyoming Tribune Eagle reports the Joint Appropriations Committee is working on a bill to allow for some of the Legislative Stabilization Reserve Account to be invested in stocks and other equities.
The account has about $1.5 billion and serves as a reserve fund that has been used to fill funding gaps or other unmet expenses.
Lawmakers' goal would be to place some of the money needed in the short term into investments like one- and two-year bonds. That would be balanced with a long-term investment approach.
The state Constitution only allows for the funds to be invested in fixed-income assets like bonds, so lawmakers would need to change restrictions.