Governor Gordon Launches Power Wyoming
Written by jordanmckamey on November 12, 2019
Governor Mark Gordon formally announced the launch of Power Wyoming Monday, a planning effort with an initial goal of providing an accurate and comprehensive analysis of Wyoming’s future revenue scenarios to Wyoming citizens and lawmakers.
Governor Gordon’s office and state economists detailed preliminary data compiled by Power Wyoming at a meeting of the Wyoming State Legislature’s Revenue Committee in Cheyenne. The group’s modeling showed scenarios of declining revenues for several years. The scenarios show that it is unlikely that Wyoming can continue to rely on a combination of coal, natural gas and oil revenues to sustain itself in the long-term. It also modeled a decline in population and jobs in the near term.
Gordon stated quote–“The hard truth is, Wyoming faces many external pressures impacting our future and those have often seemed to drive our own economic fate. There are many economic forces out of our control, including other state and federal policies, market demands and world events. However, there are many ways we can control our destiny to position Wyoming for economic stability — but they require planning and action.”
Governor Gordon noted that Power Wyoming is a first-step in a process of understanding and tackling the state’s sizable revenue shortfalls in the near- and long-term.
The immediate budget deficits faced by the State, as noted in the recently updated CREG projections, signal a need for further spending reductions coupled with strategic policy shifts over time.