PHOENIX - Wyoming Gov. Matt Mead is asking state agencies to look for more ways to save money, citing a budget shortfall that could be more than $500 million.
Mead sent a letter to state agency directors late last week "encouraging them to look for additional efficiencies in their budgets," his office said, because the state's revenues could fall $240 to $510 million short of the original projection. The governor has not ordered agencies to implement more budget cuts but has cautioned them to limit supplemental budget requests and that the legislature may implement additional cuts. Wyoming is among several energy industry revenue-dependent states that have suffered heavily with the declining prices of oil and natural gas.
"I anticipate the legislature may need to identify additional budget reductions," wrote Mead. "I will continue to encourage the downsizing of programs versus across-the-board cuts. In this difficult revenue time, we are fortunate that the budget work of the legislature and the agencies has positioned Wyoming to meet its obligation in tough revenue circumstances."
Wyoming, the nation's least populous state and not a prolific debt issuer to begin with, saw its borrowing drop off more than 97% year-over-year in the first half of 2016 , according to Thomson Reuters data. The state Department of Transportation has said previously that the budget crunch could impede its work maintaining state roadways, and Wyoming's outlook was changed to negative from stable by S&P Global Ratings in February.
