Estimates on Wyoming's Future Revenue Fairly Accurate
Laramie, WY – A new report shows that Wyoming's Consensus Revenue Estimating Group is doing a pretty good job. The group does the state's official revenue forecast twice a year, and it turns out their estimates are only off by about seven to nine percent.
Senior economist, Jim Robinson, says it is easier to predict revenue from sales-and-use tax than it is to predict revenue from the tax on minerals, oil and gas extraction. "The mineral projections can be very, very tough because we can be impacted by a very active hurricane season and there's just no way you can anticipate that," Robinson says. "We had that situation several years ago."
Robinson says the group forecasts minimal increases in revenue for this year and next, but they expect an economic recovery by 2011 with a return to better growth rates after that.