Governor urges calm after news of Wyoming's revenue surplus
(The Center Square) – Wyoming Governor Mark Gordon is welcoming news of higher-than-expected state revenues, but he says it is “not cause for excessive celebration.”
“We must remember that there has been a lot of volatility in our mineral revenues over the past few years, and that remains a concern for our future,” said the governor in a press release.
The October edition of the Consensus Revenue Estimating Group (CREG) shows all the major state revenue streams in Wyoming were better than the January forecast for 2022. In fact, actual general fund and budget reserve account revenues combined were $329 million more than the January forecast. Moreover, CREG says that revenue estimates for the 2023-2024 biennium increased by $738.9 million since the forecast in January. Still, the governor wants to see what he considers a fiscally conservative response.
“Wyoming continues to face a series of headwinds from a variety of factors, including a federal energy policy and misguided investment mandates that are hostile to our state’s primary industries,” said the governor. “While it is encouraging to see consumers appreciate the value of dependable and dispatchable energy, the improved revenues driven by higher energy prices – including fossil fuels – has been offset by the inflation the global economy has been experiencing, (so) this is the time when Wyoming must look to her future and make wise investments that will bear fruit for future generations.”
A supplemental budget proposal from the governor is scheduled to be released November 18.