Wyoming's revenue picture sees a large jump
Wyoming's revenue picture has increased by $850 million since January. The Consensus Revenue Estimating Group said increased oil and gas prices, along with increases in sales and use taxes were big drivers. Investment income was as well. Plus the legislative reserve account increased by over $800 million.
But Group Co-Chairman Don Richards told the legislature's Joint Appropriations Committee that their forecast shows the increases might be a short-term event. House Appropriations Chairman Bob Nicholas said it will be prudent to take advantage of the money and set it aside for the future.
"Four years from now we're going to be essentially in the same boat as we were a year ago," said Nicholas. "So, because of the volatility of our revenue, the concept is that if we don't save for another rainy day, we're gonna fall off another fiscal cliff five years from now, if we don’t use this money wisely."
Gov. Gordon's Budget Director Kevin Hibbard told the committee the governor agrees with Nicholas and plans to be conservative with the increase as he crafts his budget. House Minority Leader Cathy Connolly recently told Wyoming Public Radio that she’d like to see as many of last year's budget cuts be restored as possible.