House Speaker Fears “Perfect Storm” Revenue Crisis
Wyoming House Speaker Kermit Brown (R-Laramie) says he is concerned about how Wyoming would weather a combination of low energy prices along with a drop in money from the federal government.
Brown says a combination of the two would be a big concern, especially since both revenue sources tend to be volatile.
He says if both revenue sources decline at the same time, creating a "perfect storm" it would mean "it's pretty slim, it's pretty thin" in terms of state revenues.
Brown says he is working on developing a tool to measure the risk the state faces in terms of revenues. Brown says the state may have to adapt a "one step forward, two steps back" approach to state finances, at least until more information is available.
He also says that at least over the short term there may not be a lot of clarity on the state's financial outlook, at least until more information becomes available.
State leaders are concerned about current low energy prices. Brown says federal money is equally unpredictable and equally beyond state control.