CASPER, Wyo. (AP) — Wyoming Gov. Matt Mead says he opposes tax increases to help cover a looming deficit in education funding.

Mead says a better approach would be to dip into the state's $1.6 billion reserve account, a move some lawmakers have opposed in the past.

Wyoming's education funding deficit could reach $530 million over the two-year budget cycle set to begin next summer.

State revenues are down due to tough times in the coal, oil and natural gas industries.

Lawmakers last winter cut more than $34 million in K-12 spending. The school funding system is meanwhile undergoing a routine, top-to-bottom review called recalibration.

Mead says the approach is "OK" but he would prefer a broader plan to fix the problem.