EEKonomics! New Wyoming state revenue forecast more dire than thought

JACKSON, Wyo.— Governor Mark Gordon has issued the following statement in response to this morning’s release of the Consensus Revenue Estimating Group (CREG) Wyoming State Government Revenue Forecast for FY2020-24.

The October 2019 CREG report decreases forecast revenues directed to the General Fund and Budget Reserve Account by $185.4 million over the next three fiscal years. The Governor will release his Fiscal Year 2021-22 budget on November 18.

“To no one’s surprise, the CREG report has shown Wyoming is facing leaner times. We will have to find a few new holes in our belt. This process will not be easy,” Gordon said.

The governor added that, although Wyoming is no stranger to boom-bust cycles, this downward trend may be more than a simple market cycle dip.

“I believe we may be experiencing a more fundamental change that will affect how well we can fund government services going forward. Moreover, these changes are poised to accelerate over the next several years,” Gordon said.

Gordon promised Wyoming will be able to get through lean times by buckling down and cutting waste.

“We will continue to deliver the services Wyoming citizens need in a more efficient manner. And, as always, we will ferret out waste, fraud, and abuse,” Gordon added. “But these alone will not address our future budget shortfalls.”

As Wyoming’s former treasurer, Gordon says he knows what it takes to position the state to weather tough times. Still, difficult decisions lay ahead.

“We will have many [tough decisions] to make over the next few years. As a state, we must be clear-eyed about that. Our decisions must be focused on making our state, her economy, and her citizens stronger. We are the most fiscally responsible state in the Union, and I will continue that tradition,” Gordon promised.

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