Governor Gordon Stresses Fiscally Conservative Response to Rising State Revenues

Wyoming Governor Mark Gordon issued a media release in response to Wednesday’s release of the Consensus Revenue Estimating Group October report. Gordon welcomed the good news of higher-than-expected state revenue forecast, but stressed a fiscally conservative approach to utilizing the funds, most of which should be considered one-time in nature.

The October CREG report shows that all major state revenue streams exceeded the January 2022 CREG forecast. Actual General Fund and Budget Reserve Account revenues combined exceeded the January forecast by $329 million combined. In addition, revenue estimates for the 2023-24 biennium increased by $738.8 million since the January forecast.

According to the Wyoming Legislative Service Office, the Consensus Revenue Estimating Group is responsible for formulating projections for the main sources of income to the major accounts in the State. CREG was created by a mutual, informal agreement between the executive and legislative branches in 1983. CREG’s purpose is to provide reliable and consistent revenue estimates which are be used by the executive branch and the Legislature in the state’s budgeting process. Gordon will release his supplemental budget proposal on November 18.