Wyoming’s Investment Returns Tilting Toward Assisting Budget
Gov. Matt Mead’s office says the latest Wyoming revenue figures continue to support his position that the state probably won’t have to cut agency budgets in the coming year.
The state’s Economic Analysis Division issued a report on state revenues this week. The Associated Press reports as of the end of March, Wyoming’s multi-billion-dollar Permanent Mineral Trust Fund was holding $218 million in undistributed capital gains. The release goes onto say other state investments hold another $105 million in capital gains.
The release states if these figures hold up, these very same gains will transfer to the state’s General Fund in July. The Associated Press says Wyoming is currently working under a two year $3.2 billion general funds budget. The report released states that by counting the investment income, the state’s General Fund and Budget Reserve Account revenues are running more than 37 percent ahead of annual projections.
The release notes how Mead vetoed legislation that would have required state agencies to propose a range of budget cuts. Mead has said he would propose cuts if the state’s financial situation made it necessary.
Renny MacKay, spokesman for Mead, said this week that the report shows Wyoming’s revenue picture is in good shape as the end of the fiscal year draws near.
“This report allows the state to prepare the upcoming budget using a measured approach that balances revenues and expenses,” MacKay said. “The governor had vetoed the automatic reduction language but pledged to make adjustments if the revenue picture came in lower than expected. At this point downward adjustments do not appear to be necessary.”