Wyoming Governor Matt Mead says it’s time for the state to dip into its rainy day funds to get through some lean economic times.
Falling oil and gas prices and declining coal revenues are reducing state revenues. He says the state will need to use some of the nearly two billion dollars in savings to get through the next two year budget cycle. While the state can reduce spending, Mead says there are still a lot of needs such as funding for local governments.
“Certainly at the local and county level they believe it’s raining and you talk to some counties they are looking reductions of 40 to 50 percent. And so this is the discussion that the legislature and I will have as I prepare my budget, is this the time to be looking at the rainy day fund.”
Mead does not favor budget cuts or tax increases. He also noted that expanding Medicaid would have pumped an additional 70 million dollars into the state budget. He says that’s another reason to reconsider that issue.