T HE F UTURE F UND A brighter future for West Virginia A Brighter Economic Future For the Mountain State September 3-4 – Clay Center for the Arts & Sciences.

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Presentation transcript:

T HE F UTURE F UND A brighter future for West Virginia A Brighter Economic Future For the Mountain State September 3-4 – Clay Center for the Arts & Sciences TED BOETTNER Executive Director

O VERVIEW  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?

W HAT 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.

S TATES WITH P ERMANENT M INERAL T RUST FUNDS

A C LOSER L OOK : T HE P ERMANENT W YOMING M INERAL T RUST F UND Source : Wyoming State Treasurer's Office

T HE W EST V IRGINIA F UTURE F UND (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).

T HE W EST V IRGINIA F UTURE F UND

P ROJECTED B ALANCE OF W EST V IRGINIA F UTURE F UND

S TRENGTHENING THE W EST V IRGINIA F UTURE F UND : L ESSONS 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.

W HAT IF A W EST V IRGINIA P ERMANENT M INERAL T RUST F UND HAD BEEN C REATED IN 1970?

P AYING IT F ORWARD It’s about our future!