CHEYENNE, Wyo. The GREG report shows projected general fund revenues down nearly 70 million dollars compared to October's estimate.
The reason is that oil prices are down.
“Early in the summer it was trading in that 80 dollar range and it’s gone down to 50 dollars. And our projections we did in October assumed that higher rate on a barrel of oil.” Explained Senator Eli Bebout of Fremont County.
Though projections are down compared to October, they’re still up quite a bit compared to last year at this time.
“We’re still 150 million more in revenue than was projected… when we left here in February, so still optimistic but things will be a bit tighter this session than expected.” Said Representative Daniel Zwonitzer of Laramie County.
“The good news is we’ve been very conservative fiscally the way we run our state. And we have that LSRA account, our savings account, to back us up. You know, I still think we have a spending problem and we need to control our spending.” Said Bebout.
Monday's numbers don't change the fact that we have a budget deficit.
“We’re still about 300 million dollars in a structural deficit, so being 300 million or 360 million, you know, we still have a long way to go.”
It means they'll make more tough decisions throughout the session.
In a statement, Governor Gordon says he's not surprised by Monday's report.
He continued saying we must be modest in our expectations needing a solid, reliable, and predictable fiscal future.