CREG report

Wyoming Governor Matt Mead is asking the legislature for what he calls a modest budget increase of roughly 156 million dollars. 

His supplemental budget request features funding for a number of one time projects that includes improving the safety of Highway 59 near Gillette, millions in matching money for the University of Wyoming, and 25 million for local governments. 

Stephanie Joyce

Coal may be king in Wyoming, but oil is making steady inroads.The state budget forecast, released last last month, shows that last year, for the first time in decades, oil accounted for a larger share of state severance tax revenues than coal. Wyoming Department of Revenue Director Dan Noble says it will likely overtake natural gas in the coming year as well. “Oil is the new big game in town,” he said.

Wyoming’s Consensus Revenue Estimating Group says there is good news and bad news with this year’s revenue forecast.  General fund revenue is forecast to increase by over 37 million dollars. CREG Co-Chairman Dan Noble says the forecast looks good for sales and use tax and other things.

“Mineral valuations for oil are excellent, we are actually projecting around a 14 and a half percent increase in oil. Gas is continuing to climb as it relates to production, pricing is pretty stable. Coal, we are down from 400-million tons to 380-million tons.”

The recent Consensus Revenue Estimating Group, or CREG, report indicated some positive things for Wyoming's revenue picture, but within the report there are also concerns. 

Campbell County Representative Sue Wallis says one serious concern stands out.

"There's a very strong potential of a time...not very far out...when we've got a real problem with our education funding."

The Wyoming Department of Transportation may be one of the state agencies that benefits from the better than expected earnings Wyoming brought in this fiscal year. The state’s general fund is about $333 million over what the Consensus Revenue Estimating Group, or CREG, predicted.

  Governor Matt Mead says he’s gone through WYDOT’s budget once, but may review it again.

Fiscal Year 2013 has been a good year for Wyoming economically. The Consensus Revenue Estimating Group, or CREG, report says the state’s general fund exceeded 2013 projections by $333 million.

Governor Matt Mead says much of that comes from investments. Mead cautions that revenues from coal and natural gas are lackluster, but says oil did better than expected.

The Consensus Revenue estimating group came out with projections that lawmakers will have about 85 million more dollars to spend this session.  The CREG report is main tool government officials use to forecast how much money the state will have.  Governor Matt Mead joins Bob Beck to discuss the report and the impact it has on his budget as he prepares to present it in December.