CHEYENNE, Wyo. (AP) — Gov. Matt Mead says he's proposing a fiscally conservative budget that still maintains investment in Wyoming.

Speaking in his second State of the State address Monday in Cheyenne, Mead says he's proposing an appropriate budget for the coming two-year cycle even as national and global economic forces affect state revenues.

Falling natural gas revenues have reduced this year's state financial projections by more than $100 million. Many analysts say the state's shortfall could grow even more.

Mead has resisted the call from some in the Wyoming Legislature to implement across-the-board budget cuts for state agencies.

Mead also has continued to push for the state to give local governments $168 million in the coming two-year budget cycle, saying it's critical that the state continue infrastructure investment.