Critical access or rural hospital endowment program.

07LSO-0215.L2

FISCAL NOTE

This bill contains an appropriation of $17,000,000 from the GENERAL FUND to the proposed Critical Access or Rural Hospital Endowment Challenge Fund.

The proposed fund shall consist of separate accounts, one account for each Wyoming critical access or rural hospital. The above appropriation shall be equally deposited into each of the separate accounts.

The State Treasurer will match endowment gifts actually received by each hospital foundation from the funds available in the respective critical access or rural hospital account of the Endowment Fund.  This match shall be paid by the State Treasurer at the time any accumulated amounts received total $10,000 or more. The amount of endowment gifts to be received is not determinable.

Unexpended funds will be invested by the State Treasurer as part of the State Agency Pool, and will earn interest at an estimated rate of 5.07% for FY08, 5.05% for FY09, and 5.05% in FY10. Investment income earned will be deposited in the general fund. The amount of investment income that will be earned is indeterminable, as the amount of endowment gifts to be received are unknown.

This bill is effective July 1, 2007.  Any unexpended funds from the amount appropriated shall revert to the Budget Reserve Account on July 1, 2013.

On its own, this bill will not require additional personnel and/or funding.  However, passage of multiple bills of this type may result in a cumulative administrative impact to the Treasurer’s Office.

Prepared by:   Dean Temte, LSO    Phone:   777-7881

(Information provided by Sharon Garland, Treasurer’s Office;777-7475)