HB 22-1146 Summary

• State Treasurer convenes a working group to study opportunities for improving Public School Fund growth and distributions, with members having expertise in investment management, taxation, legal matters, and trust land revenue.

• Working group examines state school trust land revenue distribution, investment opportunities, sustainable long-term distribution policies, principal growth strategies, and constitutional and statutory impacts on fund management.

• State Treasurer reports findings and recommendations to Joint Budget Committee and education committees by February 28, 2023, with the working group provision repealing July 1, 2023.

• Board member appointment terms may be staggered by State Treasurer starting July 1, 2022, with new members potentially serving initial terms of 1-3 years before standard two-year terms.

• Changes investment loss calculation timeline from 12 to 18 months and establishes new distribution formula for Public School Fund interest and income beginning fiscal year 2022-23, allocating funds for board services, State Public School Fund (up to $21 million), and capital construction assistance (up to $20 million).