Section 21-16-1902 - Wyoming's tomorrow scholarship expenditure account created; use and appropriation of funds; calculation of annual average market value(a) Except as otherwise provided by law, the Wyoming's tomorrow scholarship expenditure account is created to consist of all earnings from the Wyoming's tomorrow scholarship endowment fund created by W.S. 9-4-204(u)(ix) and other funds appropriated by the legislature to the expenditure account. Funds within the expenditure account may be invested as authorized by law. Interest and other earnings from amounts within the expenditure account shall be credited to the expenditure account. Monies within the expenditure account are continuously appropriated to the state treasurer for distribution to eligible institutions based on scholarships awarded by the commission under this article, subject to limitations provided for under subsection (b) of this section. As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2022, the state treasurer shall transfer monies from the expenditure account to the Wyoming's tomorrow scholarship endowment fund to the extent monies within the expenditure account are in excess of an amount equal to nine percent (9%) of the previous five (5) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year, except as provided for under subsection (c) of this section. The state treasurer shall report not later than November 1, of each year to the joint education interim committee and the select committee on capital financing and investments the amount of funds within the expenditure account at the end of the previous fiscal year and as of July 1, of the current fiscal year.(b) Scholarships awarded under W.S. 21-16-1904 and expended from the Wyoming's tomorrow scholarship expenditure account shall be limited in accordance with the following: (i) For the first academic year scholarships are awarded, expenditures shall not exceed two and one-half percent (2.5%) of the applicable fiscal year's average market value of the Wyoming's tomorrow scholarship endowment fund calculated in accordance with subsection (c) of this section;(ii) For the second academic year and each academic year thereafter scholarships are awarded, expenditures shall not exceed five percent (5%) of the applicable fiscal year's average market value of the Wyoming's tomorrow scholarship endowment fund calculated in accordance with subsection (c) of this section.(c) The annual average market value of the Wyoming's tomorrow scholarship endowment fund shall be calculated as follows for the fiscal year (FY) specified: (i) FY 2023 shall be equal to the market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year;(ii) FY 2024 shall be equal to the previous two (2) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year;(iii) FY 2025 shall be equal to the previous three (3) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year;(iv) FY 2026 shall be equal to the previous four (4) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year;(v) FY 2027 and each fiscal year thereafter, shall be equal to the previous five (5) year average market value of the Wyoming's tomorrow scholarship endowment fund, calculated from the first day of the fiscal year.Added by Laws 2022 , ch. 52, § 1, eff. 7/1/2022.