CASPER, Wyo. (AP) – State budget analysts say Wyoming K-12 schools will be short $103 million for the current two-year funding cycle because of the economic downturn.
The drop was reported in the Consensus Revenue Estimating Group budget analysis released Monday. The Casper Star-Tribune reports that the decrease amounts to about 8 percent of the $1.34 billion education budget.
The Legislature's Joint Appropriations Committee was told the income decline is the result of larger-than-projected decreases in mineral royalties, property taxes, investment income and other revenue sources, primarily due to the bust in the energy industry.
The Legislature convenes next January and lawmakers will have to make decisions on how to handle the revenue decline.