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Wyoming Investment of Funds in Equities, Constitutional Amendment A (2016)
| Wyoming Amendment A | |
|---|---|
 | |
| Election date November 8, 2016 | |
| Topic State and local government budgets, spending and finance | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
| 2016 measures |
|---|
 |
| November 8 |
| Constitutional Amendment A |
| Polls |
| Voter guides |
| Campaign finance |
| Signature costs |
Last updated: November 2016
The Wyoming Investment of Funds in Equities Amendment, also known as Constitutional Amendment A, was on the November 8, 2016, ballot in Wyoming as a legislatively referred constitutional amendment. It was approved.
| A vote "for" the measure was a vote to allow the Wyoming Legislature to invest additional state funds in the stock market. |
| A vote "against" the measure was a vote to prevent the legislature from adding other state funds to the list of those that are invested in equities. |
As of 2016, the Wyoming Constitution allowed certain funds such as public employee retirement funds and permanent state funds to be invested in equities. Constitutional Amendment A authorized the legislature to invest other state funds in the stock market as well, upon a two-thirds approval vote in both chambers of the legislature.[1]
A similar measure, Measure 95, was on the ballot in Oregon in 2016. Measure 95 was designed to allow public state universities to invest funds in equities.
Election results
| Amendment A | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 132,739 | 51.3% | ||
| No | 103,071 | 39.8% | ||
| Total vote | 258,788 | |||
- Election results from Wyoming Secretary of State
- Note: The percentages above do not add up to 100 percent because of the under and over votes that were cast on some Amendment A ballots. The percentages displayed are the percentages of all ballots cast in the election because the "yes" votes must equal a majority of all votes cast.
Text of measure
Ballot title
The ballot title appeared as follows:[1]
| “ | Currently, the Wyoming Constitution allows the legislature to authorize the investment of public employee retirement systems funds and permanent state funds in equities, such as stock or shares in private or public companies. Permanent funds of the state include funds designated as permanent funds by the Constitution. The Wyoming Constitution does not allow the state to invest any other funds in equities.
The adoption of this amendment would allow the legislature, by two-thirds vote of the members of both houses, to authorize the investment of additional specified state funds in equities.[2] |
” |
Constitutional changes
- See also: Article 16, Wyoming Constitution
Amendment A amended Section 6 of Article 16 of the Wyoming Constitution.
Full text
The full text of the measure can be found here.
Support
Vote Yay for Amendment A led the campaign in support of Amendment A. The campaign was backed by the Growing Wyoming's Health PAC.[3]
Supporters
- State Treasurer Mark Gordon (R)[4][5]
- The Wyoming Business Alliance[6]
- Rep. Mike Madden (R-40)[7]
Arguments in favor
State Treasurer Mark Gordon (R) said that the state's permanent funds have done about three times better invested in equities than other investments, and that the passage of Amendment A would allow him to do a better job with the state's money.[4]
The following arguments in support of Amendment A was provided by the Vote Yay for Amendment A campaign:[3]
| “ |
A strong future for Wyoming’s economy requires government to do more with every tax dollar. It means pinching pennies and making the most with what we have. Under current law, Wyoming is leaving money on the table at a time we can’t afford to do so. Amendment A allows Wyoming’s general funds to be invested similar to how the permanent funds are currently invested. Amendment A will help stretch every Wyoming taxpayer’s dollar a little farther. A good investor knows that a diversified investment portfolio is key to economic success; this includes investment into equities. Amendment A would allow for the investment of a fraction of the state’s nonpermanent funds, but only with a 2/3 vote by the Legislature. The permanent funds currently earn money for Wyoming from the equities they are invested. Th ese permanent funds are performing three times better than the non-permanent funds that live under the constitutional restriction that is in place at this time. Changing nothing means risking losing money by not keeping up with infl ation. Making smart investments that keep taxes low helps protect Wyoming’s future. Amendment A has garnered the support of the vast majority of the Wyoming State Legislature along with Wyoming Treasurer Mark Gordon, Secretary of State Ed Murray, Auditor Cynthia Cloud, Superintendent of Public Instruction Jillian Balow, former Secretary of State Max Maxfi eld and Congressman and former State Treasurer Cynthia Lummis. Help protect Wyoming’s way of life and our second largest revenue source. On Nov. 8, 2016, vote “YAY” on Amendment A.[2] |
” |
Rep. Mike Madden (R-40), said the following in support of Amendment A:[7]
| “ |
We have permanent funds like the permanent mineral trust fund and the permanent land fund for education but we have a lot of other funds that really can’t be invested in anything but bonds, and it’s getting scary. [...] All this does is allow the treasurer, in conjunction with the legislature and the state loan and investment board, to have the option in these kind of times to invest equities in these other funds. What would’ve happened if we had this passed ten years ago? We think that if we had a portfolio similar to what the permanent mineral trust fund was we probably would have made 2 billion dollars more in earnings, and these are earnings that for the most part, can be used for financing the government.[2] |
” |
Judy Catchpole, a resident of Casper, wrote the following in a letter to the editor:[8]
| “ |
We cannot invest the same way we have since 1890 and expect to get a good return on our tax dollar. As the return on bonds heads toward zero, we need to think ahead and bring Wyoming's investments into the 21st century. That is why I'm voting for Constitutional Amendment A. Passing Amendment A will allow the state to responsibly diversify a portion of Wyoming's General Agency Pool and Tobacco Settlement fund away from bonds and into equities.[2] |
” |
Bill Schilling, president of the Wyoming Business Alliance/Wyoming Heritage Foundation, said the following:[9]
| “ |
Not only will passing Constitutional Amendment A stretch every Wyoming taxpayer’s dollar farther by modernizing the way the state manages existing revenues, it will also do so safely and prudently. [...] Constitutional Amendment A is a smart and thoughtful policy change that can help to maximize the value of Wyoming tax dollars without raising taxes. On Nov. 8, I encourage you to join me in voting for Constitutional Amendment A.[2] |
” |
Opposition
- Wyoming Senate President Phil Nicholas (R-10)
- House Speaker Kermit Brown (R-14)
- Rep. Garry Piiparinen (R-49)
- Rep. Kendell Kroeker (R-35)
Arguments
The following argument in opposition to Amendment A was written by Wyoming Senate President Phil Nicholas (R-10) and House Speaker Kermit Brown (R-14):[10]
| “ |
Wyoming’s Constitution wisely prohibits investment of state operating funds in equities, private companies and stock markets. Amendment A would allow future treasurers to invest all or part of “Pooled” funds in equities based only on legislative constraints. The Pool includes: Budget Reserve Account, Legislative Stabilization Reserve “rainy day” account, capital construction (capitol renovation, schools, University of Wyoming, community colleges, etc.), school operating funds, Water Development Accounts, and the spending policy reserve accounts for the Permanent Mineral Trust Fund and Common School Land Fund. It includes Wyoming Department of Transportation and Game & Fish revenues. It is all the accumulated cash appropriated to run state government. The Pool includes statutory trusts (e.g., Wildlife Natural Resource Trust), but the vast majority is set aside for operating state government. Between July and December 2008, our permanent funds lost nearly three quarters of a billion dollars in the stock market. Losses continued into spring 2009. Losses to the Wyoming Public Employee Pension exceeded $1.6 billion in 2008, nearly 30 percent of its value. These permanent funds have continuous sources of earmarked revenue, allowing for dollar cost investing while markets are down. (The PMTF received more than $350 million in new severance taxes in FY 2009.) This is not true for most Pooled accounts. While investing in equities is seductive, it is dangerous. What happens if millions set aside for construction projects or the nearly $2 billion in the rainy day accounts were suddenly reduced by 20-40 percent? How would the funds be made up, and by whom? These protected Pooled funds stabilize our budgets in times of need. We taxpayers have no way to make up capital losses to our liquid savings accounts. Consider the risk. Wanting to grow its reserves, the state could use money that has been set aside for agencies and trust-supported programs to invest in equities. If there’s an emergency and the state needs the cash, it must sell off the equities. That’s fine when the value of the stocks is high. When the value is down, the state sells at a loss, leaving the agencies and programs with diminished reserves for emergencies and no savings to reinvest for “capital” losses.[2] |
” |
Rep. Garry Piiparinen (R-49) said the following in opposition to Amendment A:[6]
| “ |
I have strong reservations due to the increased risk and volatility of the stock market [...] That's just me. I have no crystal ball, but only an instinct this is not the time to take on more risk, regardless of what Treasurer Gordon or others may advocate.[2] |
” |
Media editorials
Support
- The Buffalo Bulletin wrote the following in support of Amendment A in an opinion piece:[11]
| “ |
Constitutional Amendment A is the best option the state has for increasing revenue. It means not leaving money on the table. It means seeing a better return on our dollars. It means more money without increased taxes. It means Wyoming will get a better bang for our buck.[2] |
” |
- The Wyoming Tribune Eagle wrote the following:[12]
| “ |
What sold us most on the need to make this change is the fact that the state’s current investments in bonds are actually, in many cases, costing it money, rather than earning it. Any investment adviser will tell you that a diversified investment portfolio is the best way to make your money work for you. It’s time for the state of Wyoming to get the most out of all of its investments, which is why voters should VOTE YES on Constitutional Amendment A.[2] |
” |
- The Casper Star Tribune editorial board said the following in support of the amendment:[13]
| “ |
Wyoming is battling a severe economic downturn. It’s looking for ways to manage state money for the betterment of everyone who lives here. But to do that, the state needs options. Constitutional Amendment A opens the door to some of those options. [...] Amendment A makes sense. It does come with risks, but Wyoming has a history of doing the right things right, and we think investing the state’s funds for long-term sustainability is a risk our leadership would take seriously for the benefit of Wyomingites from today and long into the future.[2] |
” |
Opposition
Ballotpedia has not yet found any editorial board endorsements in opposition to Amendment A. If you know of one, please email editor@ballotpedia.org.
Campaign finance
Growing Wyoming's Wealth PAC registered to support the measure. The committee raised $58,376.00.[14]
| Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures | |
|---|---|---|---|---|---|
| Support | $58,376.00 | $0.00 | $58,376.00 | $47,531.82 | $47,531.82 |
| Oppose | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $58,376.00 | $0.00 | $58,376.00 | $47,531.82 | $47,531.82 |
Support
The following table includes contribution and expenditure totals for the committee(s) supporting the measure.[14]
| Committees in support of Constitutional Amendment A | |||||
|---|---|---|---|---|---|
| Committee | Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures |
| Growing Wyoming's Wealth PAC | $58,376.00 | $0.00 | $58,376.00 | $47,531.82 | $47,531.82 |
| Total | $58,376.00 | $0.00 | $58,376.00 | $47,531.82 | $47,531.82 |
Donors
The following were the top donors to the support committee(s).[14]
| Donor | Cash Contributions | In-Kind Contributions | Total Contributions |
|---|---|---|---|
| Maurice Brown | $10,000.00 | $0.00 | $10,000.00 |
| Gloria Newton | $5,000.00 | $0.00 | $5,000.00 |
| James D Neiman | $5,000.00 | $0.00 | $5,000.00 |
| James E Nielson | $5,000.00 | $0.00 | $5,000.00 |
| Susan McMurry | $5,000.00 | $0.00 | $5,000.00 |
| William Scarlett, III | $5,000.00 | $0.00 | $5,000.00 |
Opposition
There were no committees registered to oppose the amendment.
Methodology
To read Ballotpedia's methodology for covering ballot measure campaign finance information, click here.
Path to the ballot
- See also: Amending the Wyoming Constitution
A two-thirds vote in both chambers of the Wyoming State Legislature was required to refer the amendment to the ballot.
On March 4, 2015, the Wyoming Senate approved the amendment, with 28 senators voting "yea" and one voting "nay." The Wyoming House of Representatives approved the measure the same day, with 50 representatives voting "yea" and nine voting "nay." The Wyoming Governor signed the legislation for the amendment on March 9, 2015.[15]
Senate vote
March 4, 2015
| Wyoming SJ2 Senate Vote | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 28 | 96.55% | ||
| No | 1 | 3.45% | ||
House vote
March 4, 2015
| Wyoming SJ2 House vote | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 50 | 84.75% | ||
| No | 9 | 15.25% | ||
Related measures
State profile
| Demographic data for Wyoming | ||
|---|---|---|
| Wyoming | U.S. | |
| Total population: | 586,555 | 316,515,021 |
| Land area (sq mi): | 97,093 | 3,531,905 |
| Race and ethnicity** | ||
| White: | 91% | 73.6% |
| Black/African American: | 1.1% | 12.6% |
| Asian: | 0.9% | 5.1% |
| Native American: | 2.2% | 0.8% |
| Pacific Islander: | 0.1% | 0.2% |
| Two or more: | 2.7% | 3% |
| Hispanic/Latino: | 9.6% | 17.1% |
| Education | ||
| High school graduation rate: | 92.3% | 86.7% |
| College graduation rate: | 25.7% | 29.8% |
| Income | ||
| Median household income: | $58,840 | $53,889 |
| Persons below poverty level: | 12.7% | 11.3% |
| Source: U.S. Census Bureau, "American Community Survey" (5-year estimates 2010-2015) Click here for more information on the 2020 census and here for more on its impact on the redistricting process in Wyoming. **Note: Percentages for race and ethnicity may add up to more than 100 percent because respondents may report more than one race and the Hispanic/Latino ethnicity may be selected in conjunction with any race. Read more about race and ethnicity in the census here. | ||
Presidential voting pattern
- See also: Presidential voting trends in Wyoming
Wyoming voted Republican in all seven presidential elections between 2000 and 2024.
More Wyoming coverage on Ballotpedia
- Elections in Wyoming
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- Public policy in Wyoming
- Endorsers in Wyoming
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- More...
See also
External links
Support
Footnotes
- ↑ 1.0 1.1 Wyoming Secretary of State, "Constitutional Amendment A," accessed June 5, 2015
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 3.0 3.1 Yay for Amendment A, "Home," accessed October 21, 2016
- ↑ 4.0 4.1 Wyoming Tribune Eagle, "Treasurer says 2015 was a mixed bag for state investments," April 13, 2016
- ↑ Wyoming Public Media Statewide Network, "Wyoming's Treasurer Endorses Constitutional Amendment A," October 21, 2016
- ↑ 6.0 6.1 Scottsbluff Star Herald, "Wyoming voters to weigh investing more state money in stocks," October 23, 2016
- ↑ 7.0 7.1 Sheridan Media, "Madden Urges Voters To Back Amendment A," October 24, 2016
- ↑ Casper Star Tribune, "Catchpole: Amendment A can diversify state's investments," October 28, 2016
- ↑ Wyoming Tribune Eagle, "Schilling: Amendment A: A good choice for Wyoming," November 2, 2016
- ↑ Wyoming League of Women Voters, "Wyoming Constitution Amendment A," accessed October 20, 2016
- ↑ Buffalo Bulletin, "Growing earning potential," October 26, 2016
- ↑ Wyoming Tribune Eagle, "Voters should support 2 of 3 ballot measures," October 30, 2016
- ↑ Casper Star Tribune, "Editorial board: Amendment A makes sense," October 30, 2016
- ↑ 14.0 14.1 14.2 Wyoming Secretary of State, "Grow Wyoming's Wealth PAC," accessed March 5, 2025
- ↑ Open States, "Wyoming SJ2," accessed June 5, 2015
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