Wyoming Facing $1.5-B Revenue Shortfall Projection

CHEYENNE, Wyo (AP) – Collapsing energy prices and the economic impact of the COVID-19 pandemic on businesses are expected to cost Wyoming up to $1.5 billion dollars in revenue over the next two years.

A report released Tuesday by the nonpartisan state Consensus Revenue Estimating Group predicts sales tax revenue will fall up to 30% in the next fiscal year, creating an $877-million shortfall. That’s equivalent to the entire state government payroll or all spending on public education.

The report also predicts falling sales tax and mineral revenue will cause the state to exhaust its savings within two years at current spending levels.