Wyoming considers changes in investment strategy
As Wyoming turns over financial rocks looking to ease its budgetary shortfall, the Legislature and state Treasurer’s office have focused their attention on the crown jewel of the state’s revenue system: the Permanent Wyoming Mineral Trust Fund.
Created in 1975, the fund receives 2.5 percent of all severance taxes collected from minerals in Wyoming.
The permanent fund has a current market value of $7.3 billion.
For over 40 years, Wyoming has grown to depend on revenue generated from the permanent fund. Interest from the fund is the second-largest contributor to the state’s general fund (sales and use tax is first). In 2015, permanent fund interest to the general fund was $494 million.
Read more: http://trib.com/news/state-and-regional/wyoming-considers-changes-in-investment-strategy/article_12a064de-3556-52db-8a07-454bb6f458e6.html