Wyoming lawmakers seek options for ‘rainy-day’ investments
CHEYENNE, Wyo. (AP) — Wyoming lawmakers are looking for new ways to invest money from the state’s so-called “rainy day” account.
The Legislative Stabilization Reserve Account currently has about $1.8 billion of money set aside to use during periods of diminished state revenue. That happened this year, when lawmakers spent several hundred million dollars to help fund state programs.
The Legislature’s Joint Appropriations Committee discussed Friday how to invest the funds without incurring too much risk.
The Wyoming Tribune Eagle reports investments from the account are currently constitutionally limited to fixed-income assets.
Lawmakers seek to invest $500 million from the account in short-term, fixed-income investments such as government bonds. Fifty-five percent of the rest could be invested in equities.
The change would need approval from two-thirds of both the House and Senate.
Information from: Wyoming Tribune Eagle, http://www.wyomingnews.com