Wyoming revenue shortfalls reach historic levels
CHEYENNE, Wyo. (KIFI/KIDK)-Early warnings of a looming fiscal crisis are becoming reality in Wyoming.
The Consensus Revenue Estimating Group (CREG) released the Wyoming State Governor Revenue Forecast Monday.
The report shows a general fund shortfall of $451.1 million and a school funding shortfall of more than $300 million. It reflects a historic downturn in Wyoming’s economy and a significant decline in revenue.
“I have a fundamental belief that we must live within our means,” Governor Gordon told the Joint Appropriations Committee (JAC). “Wyoming suffered its greatest budget shortfall in history this year, just six years after her previous record in 2016. By any stretch of the imagination this crisis is unique, but it is real and we must be prepared.”
Gordon has implemented an initial round of 10% cuts selectively and is asking agencies to consider further cuts approaching 10%. He said Wyoming’s savings will not be able to offset the state’s cuts in the long-term.
“I am not interested in building a budget that just tries to get us to next year,” the Governor continued. “Wyoming, if she wants to remain competitive and productive, must live within her means and structure herself for economic opportunity.”
The Governor will release his Fiscal Year 2021-22 Supplemental Budget on November 16.
