The main revenue forecasting arm for the state of Wyoming called 2013 a solid year economically. Thanks to investments it means the state raised almost 350 million dollars over projections. But the Consensus Revenue Estimating Group or CREG says while this is great news, problems may be on the horizon. The legislative committee tasked with developing the state’s budget wants to be cautious. Wyoming Public Radio’s Bob Beck reports…
Wyoming got some good news from the latest Consensus Revenue Estimating Group report, but it won’t be enough to stop budget cuts from occurring. CREG reports that state revenue should increase by $85 million, mainly from projected Sales and Use tax revenue.
But Governor Matt Mead says that will not be enough to keep him from suggesting eight-percent budget cuts to the legislature.
CREG Co-Chairman Bill Mai says the group is cautious about a downturn in the coal industry, but they remain hopeful about other energy prices.
The administrator of Wyoming’s Economic Analysis Division says the state’s long range economic forecast is that revenues for energy development should be stable. Some lawmakers contend that recent revenue reports suggest that Wyoming will have less money in the future, and they want state agencies to trim budgets between five and eight percent.
But Buck McVeigh who co-chaired the state economic forecast says it is far from dire. But he added during an interview on Tuesday that the very high prices Wyoming has received for its natural gas will likely level off.