Governor Mark Gordon’s supplemental budget proposal provides a thoughtful approach to addressing inflation, visionary investments, and saving for the future. The fiscally-responsible proposal released today underscores his ongoing commitment to a Wyoming that lives within its means while advancing a balanced, sustainable budget that can meet the future needs of Wyoming when faced with declining revenues.
“Wyoming’s people, like other Americans, are feeling the hurt of inflation. But unlike much of the rest of the nation, Wyoming’s economy has responded surprisingly well because of our fiscal conservatism,” noted Governor Gordon. “Tax revenues have diversified – in fact, our diversification index is the highest it’s been in 40 years according to economic analysis – that makes the tasks in this supplemental budget complex. But in all of this, we must also remember that our fiscal responsibility requires that we set aside some of this surplus in savings.”
Historically-high inflation levels have been a double-edged sword for Wyoming. On the one hand, revenues are up due to the high prices Wyoming’s natural resources are commanding. On the other, many Wyoming households and businesses have been hit hard in the pocketbook as costs have risen dramatically. The Governor’s proposal addresses inflation on multiple fronts, including funding for property tax relief, capital construction projects previously authorized by the legislature, an external cost adjustment for education services, employee compensation and healthcare.
Governor Gordon identified multiple areas where the impacts of inflation should be directly addressed.
“We must respond to inflationary costs of construction, bring our employee compensation closer to market, set ourselves up to power the nation toward energy independence and address the rising costs of homeownership for our most vulnerable citizens,” the Governor added.
Additionally, the Governor has proposed allocating funding in several urgent areas to maintain safe and healthy communities and protect Wyoming’s economy, including:
- addressing mental and behavioral health service gaps,
- hardening cyberinfrastructure,
- enhancing security at state prisons
- protecting our natural resource industries by controlling invasive species and predators.
As he has in previous budgets, the Governor continues to balance current needs while looking toward Wyoming’s future. He proposes several visionary investments to continue advancing Wyoming as a global energy and natural resource leader, coupled with innovative approaches meant to ensure the state maintains an exceptional education system and workforce that is nimble and responsive to 21st-century challenges.
“Now is the time to demonstrate innovation and entrepreneurship, respect for private initiative and property, and community-mindedness that all power the American Dream. The sun is shining, and the fields are ready–we need to make some hay,” the Governor said in his budget message, which can be found here.
Fiscal transparency has been a priority for Governor Gordon since his time as State Treasurer. The Wyoming Sense website has been updated to reflect the Governor’s supplemental budget proposal.