CORRECTED: Governor Gordon Stresses Fiscally Conservative Response to Rising State Revenues
Governor of Wyoming sent this bulletin at 10/26/2022 11:23 AM MDT |
|
Having trouble viewing this email? View it as a Web page.
|
FOR IMMEDIATE RELEASE
October 26, 2022
CONTACT: Michael Pearlman, Communications Director
Michael.Pearlman@wyo.gov
CORRECTED: Governor Gordon Stresses Fiscally Conservative Response to Rising State Revenues
**Updated to correctly identify the Budget Reserve Account**
CHEYENNE, Wyo. – Governor Mark Gordon has responded to today’s release of the Consensus Revenue Estimating Group (CREG) October report. The Governor welcomed the news of higher-than-expected state revenue forecast, but stressed a fiscally conservative approach to utilizing the funds, most of which should be considered one-time in nature.
The October CREG report shows that all major state revenue streams exceeded the January 2022 CREG forecast. Actual General Fund and Budget Reserve Account revenues combined exceeded the January forecast by $329 million combined. In addition, revenue estimates for the 2023-24 biennium increased by $738.8 million since the January forecast.
The Governor’s statement follows:
“I am heartened by the higher-than-forecast state revenue picture reflected in the October CREG Report. However, this welcome news is not cause for excessive celebration or reason to relax our fiscal conservatism. We must remember that there has been a lot of volatility in our mineral revenues over the past few years, and that remains a concern for our future.
Wyoming continues to face a series of headwinds from a variety of factors, including a federal energy policy and misguided investment mandates that are hostile to our state’s primary industries. While it is encouraging to see consumers appreciate the value of dependable and dispatchable energy, the improved revenues driven by higher energy prices – including fossil fuels – has been offset by the inflation the global economy has been experiencing. This is the time when Wyoming must look to her future and make wise investments that will bear fruit for future generations.”
The Governor will release his supplemental budget proposal on November 18.
-END-
