Some Wyoming lawmakers have made their assessment that the budget passed by this past session’s legislature is full of problems-some of which may affect UW students.
The approved budget focuses largely on investing in energy resource production ventures, including building energy research facilities at the University of Wyoming. Governor Matt Mead mentioned a general focus on infrastructure in this biennium budget during his 2014 State of the State address, but with no real statements as to what infrastructure projects would be receiving the most funds.
The trend of low spending, while accruing large amounts of state funds in its Permanent Mineral Trust Fund, is worrying some state legislators as to the future of Wyoming economic health.
“My concern is that the goal is to have a full biennium’s worth of cash on hand,” said House Minority Leader, Representative Mary Throne, D – Cheyenne. “That’s the goal, but we’ve never debated this goal.”
In a WyoFile article published earlier this month by Gregory Nickerson, two state legislators who support the conservative fiscal policies of the state argue that Wyoming’s economy is volatile.
Both State Senator Eli Bebout, R – Fremont, and State Representative Steve Harshman, R – Casper, stress that because 70 percent of Wyoming’s revenue comes from mineral resources, a shift in federal regulations or international demand could have a large impact on the state’s available funds. Slowly accruing money as part of a “rainy day” fund makes fiscal sense.
Throne, however, is unconvinced this savings route is the best to take.
“These funds are in accounts that don’t generate very much money,” she said. “I’d like to see a discussion about what to do with this money.”
Fiscal policies such as those approved in this year’s biennium budget could have dire consequences to the future viability of Wyoming’s economic diversity as well, Throne said.
“If we have infrastructure needs to meet, it makes more fiscal sense to spend that money now, otherwise they’ll only become more expensive,” Throne said. “If we end up with failing infrastructure in the future, no company will want to come here and invest money.”
Another aspect of the fiscal debate directly involves the University of Wyoming. After several years of a pay freeze for faculty and professors, this year’s budget approved funds for a small raise, which will take place over the next few years.
The budget approved by state legislation also approved funds for the construction of several energy research facilities on campus, as well as a renovation of the Arena Auditorium.
“We’ve invested a lot of money in the university, building new facilities and what not, but that’s not very helpful if we can’t retain good professors,” said Throne. “Buildings don’t teach students, teachers do.”
