The latest report from Wyoming’s Consensus Revenue Estimating Group says low oil prices and other factors have increased Wyoming’s current revenue shortfall by 32 million dollars and the shortfall for the next budget cycle by another 46 million.
It means that state lawmakers will need to come up with more money to balance the current budget and they will have 465-million dollars less to spend over the next two years. Lawmakers were also told that funding for education is running low. Some think the legislature should use reserve funds to address the newest shortfall, but Casper Representative Tim Stubson says program cuts are needed.
“No I think it would be totally irresponsible not to go in and look at some more significant cuts. Because if you don’t cut now what you are doing is crossing your fingers and praying that somehow we can save education in two years and that’s not a responsible way to budget and that’s not the way we should handle it.”
Senate Appropriations Chairman Tony Ross said he isn’t sure if they will make significant cuts, but he added that they will have to decide between cuts and using reserves.
“It just makes the problem a little worse and now we gotta figure it out.”
Laramie Representative Cathy Connolly said one way for the state to get millions in federal money is to finally agree to expand Medicaid.
“To not do so would be fiscally irresponsible and then we need to consciously think about the rainy day account and so we have to do the hard decisions of how we spend out of there.”
Senator Ross said that she has a point, but it remains a tough sell. Connolly said she is hopeful that they can avoid serious budget cuts, but other committee members say program cuts will need to be considered when the committee crafts the new budget next week.