Sen. Kinskey wants more cuts before considering increases

During an appearance on Sheridan Media’s Public Pulse, Wyoming State Sen. Dave Kinskey R-Sheridan, informed listeners on the grim reality for the Cowboy State’s K-12 education system and budget shortfalls.

The decline in mineral resource use has left Wyoming in more than a budget crunch. The Wyoming Legislative Service Office has estimated the budget gap for the current fiscal year 2021-2022 biennium for the School Foundation Program (SFP) is approximately $515 Million and $26 million for the School Capital Construction Account (SCCA). These estimates coincide with a $300 – $500 million general fund shortfall. 

On Aug. 26, Governor Mark Gordon finalized the first round of state budget cuts totaling more than $250 million, with an additional $80 million in cuts to maintenance of state buildings and those at the university and community colleges. Gov. Gordon instructed departments and state agencies to cut 10% from their operating budgets, according to Sen. Kinskey, a second round of cuts is in the works.  

Studies have come before the Joint Education Interim Committee, one in particular is the Wyoming Estimated Tax “Capacity”. The document gives estimated Wyoming non-mineral revenue increases from tax imposition at median rates of states surrounding Wyoming and North Dakota. 

According to the document, by levying a median individual income tax and corporate income tax rate (both at 4.9%) as well as a 28% increase to Sales and Use tax, a 26% increase in Fuel tax and increases to property taxes; 40% Residential, 78% Commercial and 38% Industrial, by fiscal year 2023, $818 million in revenue would be generated. 

Before considering levying any new tax or increasing others, Kinskey wants to explore more cuts. 

The Select Committee on School Finance Recalibration’s next meeting will be conducted online Oct. 28 – 30.