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The Future Fund A brighter future for West Virginia

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11 diapositives · 277 Views · Jul 29, 2014

The Future Fund A brighter future for West Virginia. TED BOETTNER Executive Director. A Brighter Economic Future For the Mountain State September 3-4 – Clay Center for the Arts & Sciences . Overview. What is a permanent mineral trust fund? Which states have permanent mineral trust funds?

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  1. The Future FundA brighter future for West Virginia TED BOETTNER Executive Director A Brighter Economic Future For the Mountain State September 3-4 – Clay Center for the Arts & Sciences

  2. Overview • What is a permanent mineral trust fund? • Which states have permanent mineral trust funds? • What is the WV Future Fund? • How could we strengthen the WV Future Fund? • Why should West Virginia create a Future Fund?

  3. What is a permanent mineral trust fund? • Permanent mineral trust funds are attempts by governments to convert non-renewable natural resource (oil, natural gas, coal, and other minerals) wealth into a renewable source of wealth for future generations. • Permanent mineral trust funds are invested similar to pension funds and a portion of the fund is used each year to financially bolster the state’s economy through strategic investments (e.g. education, infrastructure, and tax relief). • These funds are “permanent” because the principal of the fund is usually constitutionally protected.

  4. States with Permanent Mineral Trust funds

  5. A Closer Look: The Permanent Wyoming Mineral Trust Fund Source: Wyoming State Treasurer's Office

  6. The West Virginia Future Fund (S.B. 167) • Principal and interest would not by used for 20 years. • Fund can be used for diversification of the state’s economy, tax relief, education and workforce development and for purposes which other funding sources are not available. • Funding of West Virginia Future Fund would be 25 percent of excess proceeds from oil and natural gas severance taxes beyond a designated benchmark (e.g. $64.8 million).

  7. The West Virginia Future Fund

  8. Projected Balance of West Virginia Future Fund

  9. Strengthening the West Virginia Future Fund: Lessons from other states • Include a safeguard against raiding the corpus of the fund by passing a constitutional amendment. • Dedicate a portion of coal severance tax revenue to the fund. • Begin using earnings from the fund within 5 years to gain support. • Deposit Rainy Day Fund B (Tobacco Settlement $$) into the WV Future Fund.

  10. What if a West Virginia Permanent Mineral Trust Fund had been Created in 1970?

  11. Paying it Forward It’s about our future!