Representative Clark Stith posts positive economic news for the state

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January 13, 2021 — Yesterday, Clark Stith, House District 48 Representative, send out an encouraging Facebook post prior to Governor Mark Gordon giving his Message to the Legislature address.

 

Here is the content of his Facebook post: A bit of good news as the Wyoming Legislature convenes today. According to today’s report from the Consensus Revenue Estimating Group (CREG), the State will have $131 million more in its general fund (not school fund) for the two year period ending June 30, 2022 than expected under CREG’s October 2020 forecast. That should allow the legislature to preserve some services, such as home services for the elderly, that were otherwise slated for elimination. The uptick is due to a number of factors, from slightly better forecasted sales tax (up $32 million), better expected prices/volume for oil and coal (up $18 million), better federal mineral royalties (up $11 m) and interest income from the State Agency Pool (up $19.7 million). In addition, the State should get a check for about $43 million from the federal govt under the CARES Act to reimburse the State’s payroll expenses associated with responding to the coronavirus pandemic. That doesn’t solve the looming $500-$600 million biennial shortfall for K-12 in FY 2023-2024, but $100 million here and there helps.