A state financial report released Monday showed a General Fund shortfall of $451.1 million and a school funding shortfall of $300 million, according to a news release from Gov. Mark Gordon.

The Consensus Estimating Revenue Group's forecast is slightly better than projected in May, but the state's revenue collections have experienced a significant decline.

“I have a fundamental belief that we must live within our means,” Gordon told the Joint Appropriations Committee, comprised of members of the State House and Senate.

“Wyoming suffered its greatest budget shortfall in history this year, just six years after her previous record in 2016," he said. "By any stretch of the imagination this crisis is unique, but it is real and we must be prepared.”

Gordon already put in place an initial selective round of 10% budget cuts

He has asked agencies to consider further cuts approaching 10% and to be thinking about possible further cuts

Wyoming’s savings will not be able to offset the state’s cuts in the long-term, Gordon said.

“I am not interested in building a budget that just tries to get us to next year,” he said. “Wyoming, if she wants to remain competitive and productive, must live within her means and structure herself for economic opportunity.”

Gordon will release his Fiscal Year 2021-22 Supplemental Budget on Nov. 16.

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