Wyoming governor: Fiscal prudence but fund diversification

Wyoming Gov. Matt Mead wants state lawmakers to be prudent about state spending amid a looming budget deficit but not neglect efforts to diversify the state’s economy.

Mead gave his eighth and final state of the state address Monday and outlined accomplishments over nearly two terms in office. Mead says he has capped sharp growth in state government.

Now, he’s urging lawmakers to keep funding economic diversification efforts while keeping an open mind about reasonable ways to increase revenue, particularly for education.

His remarks coincide with the start of a four-week legislative session devoted primarily to crafting a two-year budget.

Wyoming faces an $850 million budget shortfall amid declining demand for coal and weak prices for oil and natural gas. Fossil fuels provide more than two-thirds of Wyoming’s revenue.