rainy day fund

Bob Beck

Wyoming Governor Matt Mead says it’s time for the state to dip into its rainy day funds to get through some lean economic times. 

Falling oil and gas prices and declining coal revenues are reducing state revenues. He says the state will need to use some of the nearly two billion dollars in savings to get through the next two year budget cycle. While the state can reduce spending, Mead says there are still a lot of needs such as funding for local governments.

The legislative panel responsible for drafting a supplemental Wyoming state budget bill recommends that lawmakers reject Gov. Matt Mead's proposal to cut the flow of energy revenues going into permanent savings and school construction.

Mead wants Wyoming to build up its so-called rainy day fund in case the state needs ready cash to deal with projected flat energy revenues in the years to come.