Wyoming Governor Matt Mead says Wyoming "remains strong" despite budget challenges for education and state government and a general downturn in the state economy.

The governor made his comments during his "State of the State" address to the Wyoming Legislature Wednesday morning in Cheyenne.

The governor pointed out that despite declining state revenues over the past three years, Wyoming still has over $1.5 billion in the LSRA (Legislative Stabilization Reserve Account) or "rainy day fund" as it is commonly known, and almost $7.4 billion in the Permanent Mineral Trust Fund.

He noted the "rainy day fund" has helped the state "over a rough revenue patch" the last couple of years and will continue to do so in the future. In regard to use of the fund he said "it's raining," referring to the state's current budget situation.

The governor also said Wyoming has retained it's Triple A credit rating from Standard & Poor's. The governor also cited various 2016 national surveys which rated Wyoming as the best state to start a business, the best state to make a living and the best state to retire to.

He also said Wyoming was recently rated the state with the Most Business Friendly Tax Climate by the Tax Foundation.

The state's economy has been in a prolonged slump in recent years due to low oil, natural gas and coal prices. Energy and minerals are the dominant sectors in the state economy and have traditionally provided the bulk of the revenues to fund state government.