Governor Matt Mead submitted a fourth budget proposal to the legislature last week, which highlights that Wyoming is fiscally strong and seeks increased funding in a number of areas.
Mead’s Supplemental Budget proposal for 2015-2016 rounds to about $156 million with over $25 million focused on local governments.
“The supplemental budget recognizes the importance of savings. Savings result from unspent money invested and earning income. Our state has saved massively,” Mead said in a news release. Some of Wyoming’s state savings consists of $6.8 billion in the permanent mineral trust fund, and $3 billion in the common School Permanent Loan Fund.
“We have more than adequate resources to fund government operations; invest in infrastructure and excellence at the University of Wyoming and community colleges; and provide additional resources to local government,” Mead said.
Areas of focus in the supplemental budget include community colleges, the University of Wyoming, highways, industrial parks, wildlife, forest health, state facilities and water strategy.
“I have prepared a budget which I believe strikes a good balance between operations, infrastructure investment and saving- one that initiates robust discussions to move Wyoming forward,” Mead said.
Anne Alexander, associate lecturer for the Finance Department, said that the focus on government funding for UW should be a great help.
“Local and county government funding is always useful. The University of Wyoming is a great blessing for Albany County,” Alexander said.
The University does not generate tax revenue for local governments, but does bring in more economic activity for the county. “When it comes to county and government relief it’s great for Albany, UW is beneficial for Albany County and generates great income and job activity because of contractors, supplies, and necessities,” Alexander said.
“We also bring out of state students who normally wouldn’t attribute to county revenue, and also University events attribute to local governments as well,” Alexander said.
Mead said that the state’s current fiscal status offers opportunities for increased funding to certain areas.
“As I have pointed out, we have -with available funding- an opportunity. It is the right time to address requests that I have included in my budget, in my profile and significant projects detailed in this message,” Mead said.
