EDITORIAL: Wyoming needs to move forward with vision and determination

Posted 12/20/16

That was one of the clear messages Gov. Matt Mead sent to the Wyoming Legislature late last month along with his supplementary state budget.

We wholeheartedly agree. Wyoming has been too dependent on its mineral income for far too long. During …

This item is available in full to subscribers.

Please log in to continue

E-mail
Password
Log in

EDITORIAL: Wyoming needs to move forward with vision and determination

Posted

An economic downturn is a good time to reaffirm efforts to diversify Wyoming’s economy; it is not the time to pull back on economic development efforts.

That was one of the clear messages Gov. Matt Mead sent to the Wyoming Legislature late last month along with his supplementary state budget.

We wholeheartedly agree. Wyoming has been too dependent on its mineral income for far too long. During boom times, that seems great; but busts are painful statewide.

When the last boom began in the early 2000s, some legislators gleefully speculated it could last 30 years or longer.

Wrong.

Not only did the boom last less than half that long, its end resulted in a 33-year low in state revenue and signaled changes that could affect the state for many years, and perhaps permanently.

We’re thankful that lawmakers began preparing for that eventuality decades ago.

Mead cited the wisdom of the Legislature when, in 1975, it created the Permanent Wyoming Mineral Trust Fund. Since then, the fund’s balance has grown to $7.494 billion, boosted significantly when the Legislature began directing additional annual revenue into the fund during the good times of the early 2000s. Corpus of the trust is never spent, but interest earned on the fund helps pay the state’s bills each year.

More recently — in 2006 — lawmakers also created the Legislative Stabilization Reserve Account, which serves as a “rainy-day” savings account. The account now holds $1.026 billion, and that money is available when the Legislature deems it is needed to help balance the state’s budget.

But, beyond that, Mead pointed to continued efforts to diversify Wyoming’s economy.

He highlighted several successes:

The Wyoming Unified Network aims at bringing broadband internet access to communities across the state.

The National Center for Atmospheric Research Supercomputer is completed and operating in Laramie.

The School of Energy Resources at the University of Wyoming is attracting international research.

The state is making progress on a pipeline corridor that will give Wyoming greater access to markets.

Technology is emerging as a solid fourth leg to the state’s economy in locations across the state.

The Integrated Test Center will open doors to new and innovated uses of carbon and technology.

The Broadband Summit connects Wyoming communities, educators and businesses to technology opportunities.

The Global Technology Summit provides innovators with a way to “connect” in Wyoming.

The state’s manufacturing sector is growing, with Atlas Carbon, Tungsten, Searing Industries, Magpul and High Viz establishing roots in Wyoming.

“Wyoming is fiscally sound, open for business and prepared when revenues are up and when revenues are down,” Mead said in his budget overview.

Mead called for building on those successes through “action and a strategy that continues many years into the future.”

His budget sets aside $1 million for Economically Needed Diversification Options for Wyoming (ENDOW) and another $1.5 million to help community colleges in the state respond to key workforce training needs.

We agree that it is essential for Wyoming to continue its focus on economic development efforts. Without those, the state and its residents could be doomed to a dismal economic outlook for many years, and perhaps decades, to come.

But, with efforts inspired by visionary but realistic expectations, Wyoming’s economy can be sound, and its future one of promise.

Comments