NEWS RELEASE
Majority of the Wyoming House of Representatives
Majority of the Wyoming House of Representatives
Structural Deficits Present a Challenging Outlook for Wyoming’s K-12 Education Funding
Falling Mineral, Energy Production and Prices Have Created Unsustainable Revenue Shortfalls that Will Require Increased Revenue, Spending Reductions or a Combination to Solve
(Cheyenne, WY) – Wyoming’s K-12
Education (School Foundation Program (SFP) and School Capital Construction
Account (SCCA)) are facing a $300 million annual structural deficit. This
shortfall owes to rapidly declining coal and natural gas production and prices,
which have reduced the State’s funding sources and diminished school district
property tax collections.
Wyoming funds its schools like most
states—with property taxes. Wyoming is blessed in that minerals pay 50% of our
property taxes, allowing Wyoming residents, old and new, to enjoy the fifth-lowest
property taxes in the country.