To account for assets that state government holds on behalf of others as their agent.
Agency Trust Account
These are established by contract and governed by contract law. Assets are held under the terms of the contract, and legal title or ownership does not transfer to the bank as agent. Agency accounts include custody, escrow, investment management, and safekeeping relationships.
To account for operations:
(I) That are financed and operated in a manner similar to private business enterprise where the intent of the governing body is that the costs and expenses, including depreciation, of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or
(II) Where the governing body has decided that periodic determination of revenues earned, expenses incurred or net income is appropriate for capital accountability or other purposes."
Funds that are set aside to pay for a specific project or event.
Internal Service Fund
Internal Service Funds account for state activities that provide goods and services to other state departments or agencies on a cost-reimbursement basis.
A fund established by the state to facilitate and organize the investment of employees' retirement funds contributed by the employer and employees. The pension fund is a common asset pool meant to generate stable growth over the long term, and provide pensions for employees when they reach the end of their working years and commence retirement.
These types of funds are generally exempt from federal securities regulations and laws and are included under the label of "hedge funds".
All compensation deferred pursuant to this article and all earnings thereon shall be held in trust or pursuant to custodial accounts. Funds in the account shall be held separately from all other funds and monies held by the state and shall be expended only as provided pursuant to written agreements entered into. The financial liability of the state, county, city, town or other political subdivision is limited to the value of the investment plan purchased.
Special Revenue Fund
An account established by the state to collect money that must be used for a specific project. Special revenue funds provide an extra level of accountability and transparency to taxpayers that their tax dollars will go toward an intended purpose. The state must rely on operating and capital budgets to pay for their other expenses.
Water Development Account I
Created by W.S. 41-2-124(a)(i), this account serves as the primary account for funding the operations of the Wyoming Water Development Commission, and in practice, is utilized for planning and construction of new water projects. The account benefits from a statutorily dedicated revenue stream of state severance taxes, investment earnings, and repayments of loans from the account.
Water Development Account II
Created by W.S. 41-2-124(a)(ii), this funding is designated for projects completed and in use prior to 1970 for funding reconnaissance and feasibility studies. 4545 (W.S. 41-2-123) In practice, the account is used to fund the rehabilitation of water projects. The account benefits from a statutorily dedicated revenue stream of state severance taxes, investment earnings, and repayments of loans from the account.
Budget Reserve Account (BRA)
Originally created as an intermediate savings account, the Budget Reserve Account now serves as a secondary, or backstop, checking account against which the General Fund draws upon for the general operations of government. The primary revenue sources to the Budget Reserve Account include the “over-the-cap” federal mineral revenues and severance taxes as well as reversions at the end of the biennium. (W.S. 9-2- 1012(e), et al) In practical terms the Budget Reserve Account has served as a secondary checking account and operational savings account for the State and is included as a secondary component of “Traditional Funds” in many presentations by LSO Budget/Fiscal staff, recognizing the Legislature appropriates or transfers from the account for discretionary appropriations.
Local Government Capital Construction Account
Accumulation and use of resources for constructing, acquiring, and rehabilitating capital assets, such as buildings and roads for local government.
School Foundation Program Reserve Account (SFP RA)
Serves as an intermediate savings account for the state expenditures related to K-12 education, somewhat comparably to the LSRA for the state’s traditional funds. Created through a deposit of $100 million in the 2014 Budget Bill (2014 Laws, Chapter 26, Section 300(g)), this account is relatively new. The Legislature has not appropriated funds from the account, nor does the account benefit from a dedicated revenue source other than the initial legislative transfer.
School Capital Construction Account (SCCA)
Established as the primary account to fund K- 12 school district capital construction, this account benefits from coal lease bonus revenues and federal mineral royalties, state royalties and transfers, if necessary. The SCCA has historically been linked with the School Foundation Program account and the Permanent Land Fund Holding Account in terms of transfers to and from the SCCA. The account is created in W.S. 21-15- 111(a)(i).
To account for all revenues the expenditures of which are constitutionally restricted to highway purposes or which are available for expenditure by the Wyoming transportation commission excluding general fund appropriations;
Game and Fish Fund
To account for all revenues received by the game and fish department the expenditures of which are restricted to wildlife purposes or which are available for expenditure by the Wyoming game and fish commission excluding general fund appropriations;
Water Development Account III
Created by W.S. 41-2-124(a)(iii), this account serves as the primary account for large water storage projects. The account benefits from a statutorily dedicated revenue stream of state severance taxes, investment earnings, and repayments of loans from the account.
Strategic Investments and Projects Accout (SIPA)
Created in 2013 Laws, Chapter 73, Section 4, Section 300(e), the SIPA has historically received anticipated but not forecast realized capital gains from investments within the Permanent Wyoming Mineral Trust Fund (PWMTF) on an ad hoc basis. This short-term savings account has been designated by the Legislature to be available for gubernatorial budget recommendations of one-time expenditures as the Governor deems necessary.
To account for the income from the permanent land fund, land grants and income from other sources as provided by W.S. 9-4-305(c);
Expendable Trust - Group Insurance
The state treasurer shall be the treasurer of monies under this act, and his general bond to the state of Wyoming shall cover all liabilities for his acts as treasurer. The department shall remit to the treasurer for deposit in the trust and agency fund all payments received by the department for the group insurance premium costs from employees and officials, and the state agencies, departments and institutions. The department shall also remit to the treasurer for deposit in the trust and agency fund any dividend payments and return of premium received by the department from any carrier underwriting the group insurance plan. All remittances shall be made as soon as possible after they are received.
Expendable Trust - Other
Means other expendable trust funds administered by individual agencies for specific functions within the agencies' authority
Tobacco settlement trust income fund
Wyoming created the Wyoming tobacco settlement trust fund to receive annual payments from the MSA through March 15, 2002. The principal is to remain forever inviolate, and the interest, and all payments received after March 15, 2002 go to a trust fund income account. The money in this account can be spent on efforts in prevention and cessation of tobacco use through school and community based programs and efforts to establish and implement programs to prevent, intervene in, and otherwise limit alcohol and substance abuse. This money must be appropriated by the legislature. WYO. STAT. ANN. Â§ 9-4-1203 (2000).