Governor Mead Discusses Revenue Decrease [AUDIO]

Last week, Wyoming's Consensus Revenue Estimating Group (CREG), predicted a drop in state revenue; and it didn't take long for Governor Matt Mead to call this estimation, concerning.

The forecast shows a drop in revenue to Wyoming from natural gas, resulting in less money available for the next two years.  The previous report from CREG, in October, showed revenue slowing but that slowing was further into the future.

Governor Mead went on to state that Wyoming's revenue is tied to mineral development and a strong contributor of that development is natural gas.  Projected prices for natural gas could lead to a potential decrease in the state's revenue by over $100 million over the two years.

In December, Governor Mead proposed cutting ongoing spending from $2.76 billion to $2.74 billion.  Based on current projections, Governor Mead said more cuts might be necessary and he will work with the Legislature and the Joint Appropriations Committee on the matter.

Governor Mead said across the board cuts can have unintended consequences and are not sustainable.  Governor Mead says the state is in good condition, but to remain there, "...we want to respond to the latest revenue forecasts."