Matt Mead on Budget & Economy
We used rainy day fund for rainy days; now make guidelines
Preparation for leaner times has two hallmarks, conservative budgeting and savings. Past and present leaders have wisely done both. Regarding savings, the State has $1.59 billion in the LSRA, the rainy day fund, and nearly $7.4 billion in the Permanent
Mineral Trust Fund. These funds have grown substantially during my time in office. The rainy day fund, of course, is named for rainy days like those we've been experiencing these last couple of years. It's raining. This fund has allowed us to get
through a rough revenue patch, and can do so in the future. Last session our spending from the rainy day fund helped smooth our budget and provide necessary services. Questions remain about the rainy day fund and its use. I continue to believe we
need additional guidelines on the use of this fund that would set parameters and provide our citizens of local governments a better opportunity to refine their budgets by knowing what is the rainy day fund for, and when will it be used.
Source: 2017 State of the State address to Wyoming Legislature
, Jan 11, 2017
Navigated recession while shrinking state government
Looking back at the last few years, we can see our state has navigated some hurdles:
Clearing these hurdles allows us now to enjoy economic growth, higher revenue than was forecasted, and resilient communities. As a state, we have made remarkable progress. Achievements include:improved infrastructure;major broadband
expansion--700% growth in access for students;a pro-growth economic climate, nurtured by outreach efforts, targeted incentives, and support for communities, public-private partnerships, and local economic development groups; andmore efficient
government through merging agencies, consolidating technology services, and reducing the state workforce and state rules.Regarding the workforce, in 2013 we have almost 300 fewer employees than we did when I took office. We are doing more with less.
Source: 2014 State of the State address to Wyoming Legislature
, Feb 10, 2014
- recovering from the recession which marked the end of the last decade;
- rebounding from fiscal uncertainties that led to budget reductions of more than 6% last
Reduce the budget & build up the rainy-day account
Governor Mead's recommendations to the Legislature include:
Source: Press Release on 2013 Wyoming State of the State Speech
, Jan 9, 2013
- Build savings
- Reduce the ongoing budget
- Cut the size of government
- Streamline state regulations
- Decide on the funding mechanism for our highways
Change fiscal policies to build up the rainy-day account; and
- Provide funding for major items including wildfires, landfills, local government, the Gillette-Madison water project, UW School of Engineering and employee performance pay.
We need to live within our means
Gov. Mead says the latest forecast from Wyoming's Consensus Revenue Estimating Group shows the state's economy is stable. However, Gov. Mead is concerned because the CREG is forecasting that revenue will flatten out or slightly decrease in the future.
"I believe everyone in the state has to adjust to the fact that the days of big revenue spikes are likely behind us and we need to live within our means," Governor Mead said. "It is fortunate that the energy industry has led
Wyoming out of the recession, but I recognize the national economy is fragile, and because of that, it cannot withstand energy prices going much higher."
"Our revenue is still coming in at rates
below what Wyoming saw in 2008," Governor Mead said. "This certainly shows that there are tough decisions ahead as I put together a budget and work with the Legislature this winter."
Source: 2011 gubernatorial press release, "CREG Forecast"
, Oct 24, 2011
Page last updated: Jul 21, 2017