Wyoming Investment Income Plays Role in State Budget
CHEYENNE, Wyo. (AP) — The state of Wyoming capitalized on last year's record-breaking year on Wall Street to bank hundreds of millions in profits on state investments.
The earnings will help lawmakers as they meet next month to start crafting a new state budget.
Wyoming's investments stood at $17.6 billion as of the end of November, the latest figure available. Much of that is in permanent funds that may be invested in stocks.
State Treasurer Mark Gordon and Chief Investment Officer Michael Walden-Newman say the state realized $578 million in capital gains in the fiscal year that ran through last June. That money helps fund state government.
Gov. Matt Mead told lawmakers last month the extra revenue means the state won't have to repeat the budget cuts it's seen in recent years.