FY 2015/2016 Budget Holds the Line on Spending While Making Focused Investments in Infrastructure, Education and Energy
March 6, 2014
Cheyenne, Wyoming – The Wyoming State Legislature concluded today after delivering on its promise to produce a balanced, conservative budget that holds the line on spending while investing in Wyoming’s people, jobs, communities, responsible mineral development and education.
Governor Matt Mead signed the Fiscal Year 2015/2016 Budget Bill into law yesterday. The budget appropriates $3.32 billion, a slight decrease from the previous biennium with nearly 300 fewer state employees. It also does not grow the size of state agencies.
Most importantly, this budget plans for the future. The budget contributes to the growth of the Legislative Stabilization Reserve Account (LSRA), commonly referred to as the “rainy day fund,” while the Permanent Wyoming Mineral Trust Fund (PWMTF) also continues to grow. Legislators said the budget does more with less and strikes an appropriate balance between current needs and long-term planning.
During a bipartisan press conference at the Capitol today, lawmakers addressed several measures that passed the Legislature including a budget that prepares Wyoming to be a major player in the world economy. The budget makes targeted investments in infrastructure and education, two critical components for growing the Wyoming economy in the long-term. The budget provides over $175 million in funding for cities, towns and counties to grow and improve infrastructure.
“This budget establishes the foundation we need today for economic development tomorrow,” said Senate President Tony Ross. ”This will ensure today’s generation, and those to come, have the opportunity for meaningful careers and good paying jobs right here in Wyoming.”
The Budget also makes focused investments in education. Over the next two years, Wyoming’s K-12 schools will also see an influx of $250 million for new school construction and major maintenance to give Wyoming kids the best environment and tools to achieve success. The budget also includes $102 million for new construction and major maintenance at Wyoming’s community colleges and UW, which play a critical role in providing the advanced knowledge and technical training citizens need to compete for high-wage jobs.
“It’s not enough to just educate and prepare Wyoming citizens for competitive jobs,” said Senate House Speaker Pro Tempore Rosie Berger. “We need to bring these jobs right here to Wyoming. This starts by putting in place world-class infrastructure that entices the private sector to set up shop in Wyoming.”
This session the Legislature also concentrated on defending and promoting Wyoming’s energy sector, a critical job and revenue producer for the state. The Budget invests in projects that will spark innovation and help ensure a future role for mineral production, including the study of an energy mega-campus designed to be a one-stop shop for commercial scale industries in Wyoming. Lawmakers also passed legislation that helps safeguard the future of Wyoming coal by allowing the state to take an active role in establishing terminals capable of exporting Wyoming coal to new and existing markets.
“Promoting and protecting our state’s extractive industries is essential to safeguarding revenues, jobs and our local economies and building reserves,” said House Speaker Tom Lubnau. “It is vital to preserve and protect Wyoming’s rich natural resources that will power us into the future.”
The Legislature also took action against the Environmental Protection Agency (EPA), passing measures to minimize EPA intrusion and keep state control over regulation of mineral extraction.
With the aim of ensuring the public has adequate access to the Wyoming State Capitol and legislative process, the Legislature designated $259 million to the renovation and restoration of the Capitol and adjacent office building. The Capitol is nearly 130 years old and in dire need of repair. In its current state, the Capitol is vulnerable to fire and fails to meet a number of important safety codes.
“The Capitol is a symbol of our state and a part of Wyoming’s history, a part worth preserving,” said President Ross.
