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Mon October 22, 2012
CREG projects $85 million increase in state revenue
Wyoming got some good news from the latest Consensus Revenue Estimating Group report, but it won’t be enough to stop budget cuts from occurring. CREG reports that state revenue should increase by $85 million, mainly from projected Sales and Use tax revenue.
But Governor Matt Mead says that will not be enough to keep him from suggesting eight-percent budget cuts to the legislature.
CREG Co-Chairman Bill Mai says the group is cautious about a downturn in the coal industry, but they remain hopeful about other energy prices.
“Keep watching the natural gas price with a close eye,” Mai said. “There’s some other interesting developments along the lines of natural gas too. We’ve seen kind of migration of drilling rigs from around Pinedale to eastern Wyoming which is more of an oil play.”
Mai says some members of CREG are hopeful that will lead to more oil development. The group will review its projections in January.