Report: Up to $1.5 Billion Wyoming Revenue Hit Amid COVID-19
CASPER, Wyo. (Casper (Wyo.) Star-Tribune) — Collapsing energy prices and the COVID-19 pandemic are expected to cost Wyoming up to $1.5 billion in revenue over the next two years.
A report released Tuesday by the nonpartisan state Consensus Revenue Estimating Group predicts sales tax revenue will fall up to 30% in the 2021 fiscal year that begins July 1.
The Casper Star-Tribune reports that alone would yield an $877 million shortfall, equivalent to the entire state government payroll or all spending on public education.
The report also predicts falling sales tax and mineral revenue will cause the state to exhaust its savings within two years.