FY 17/18 Budget Manages the Current Revenue Shortfall while Meeting Wyoming Citizen’s Needs
Cheyenne, WY -- The Wyoming State Legislature concluded the 20-day budget session today after providing the Governor with a balanced, conservative budget. The budget meets the needs of the state and its citizens while aligning its spending with the projected continued drop in energy prices.
The Legislature has taken the long view when it comes to managing the state’s finances and this budget is no different. With projections of energy prices staying low for the next six to ten years, curbing Wyoming’s spending was imperative.
“We’ve been here before, we know that we are in a cycle right now. However, we have a historical prospective, we know how to handle this and we know that there is light at the end of the tunnel,” said Speaker of the House Kermit Brown.
Wyoming lawmakers have long balanced the needs of the citizens with the knowledge that a majority of the revenue stream is from one-time commodities. When times were flush, the state was able to invest large amounts of capital in education, local government, infrastructure and economic development. Investing in Wyoming people, while taking a fiscally conservative approach to managing one-time mineral revenue and allocating excess funds to savings and investments is how Wyoming is able to curb the catastrophic effects that can be felt in a boom and bust economy.
The one-time revenues from mineral extraction were directed to the Legislative Stabilization Reserve Account (LSRA), which holds approximately $1.8 billion dollars. For specific one-time projects and expenditures, funds were taken from the LSRA. Otherwise, the budget was balanced by reducing state government funding that comes from the general fund.
To mitigate the impact of reduction in agency budgets, the Legislature implemented a Penny Plan that will scale back budgets over the biennium. Nearly all state agencies will experience a one percent trim to their budgets in Fiscal Year (FY) 2017 and a two percent reduction in FY 2018.
This Budget Bill continued to support Wyoming’s citizens. Education funds were allocated at the levels dictated by the External Cost Adjustments. Towns and counties received $105 million and senior centers and developmental preschools saw an increase in funding.
“Wyoming’s greatest asset is its people,” said House Majority Floor Leader Rosie Berger, “Meeting the needs of Wyoming’s citizens has never taken a backseat. This budget makes sure that Wyoming meets all of its obligations and continues to be the best state in the nation.”
During budget sessions, bills that are imperative to the well being of Wyoming’s peoples are also considered. This session bills were passed that ensure school facilities continue to be built, provides veterans recognition for their service through hunting licenses and that allows local towns and counties to invest their funds in order to generate larger revenue streams.
The Legislature has taken the long view when it comes to managing the state’s finances and this budget is no different. With projections of energy prices staying low for the next six to ten years, curbing Wyoming’s spending was imperative.
“We’ve been here before, we know that we are in a cycle right now. However, we have a historical prospective, we know how to handle this and we know that there is light at the end of the tunnel,” said Speaker of the House Kermit Brown.
Wyoming lawmakers have long balanced the needs of the citizens with the knowledge that a majority of the revenue stream is from one-time commodities. When times were flush, the state was able to invest large amounts of capital in education, local government, infrastructure and economic development. Investing in Wyoming people, while taking a fiscally conservative approach to managing one-time mineral revenue and allocating excess funds to savings and investments is how Wyoming is able to curb the catastrophic effects that can be felt in a boom and bust economy.
The one-time revenues from mineral extraction were directed to the Legislative Stabilization Reserve Account (LSRA), which holds approximately $1.8 billion dollars. For specific one-time projects and expenditures, funds were taken from the LSRA. Otherwise, the budget was balanced by reducing state government funding that comes from the general fund.
To mitigate the impact of reduction in agency budgets, the Legislature implemented a Penny Plan that will scale back budgets over the biennium. Nearly all state agencies will experience a one percent trim to their budgets in Fiscal Year (FY) 2017 and a two percent reduction in FY 2018.
This Budget Bill continued to support Wyoming’s citizens. Education funds were allocated at the levels dictated by the External Cost Adjustments. Towns and counties received $105 million and senior centers and developmental preschools saw an increase in funding.
“Wyoming’s greatest asset is its people,” said House Majority Floor Leader Rosie Berger, “Meeting the needs of Wyoming’s citizens has never taken a backseat. This budget makes sure that Wyoming meets all of its obligations and continues to be the best state in the nation.”
During budget sessions, bills that are imperative to the well being of Wyoming’s peoples are also considered. This session bills were passed that ensure school facilities continue to be built, provides veterans recognition for their service through hunting licenses and that allows local towns and counties to invest their funds in order to generate larger revenue streams.
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