News January 10, 2019

Gordon Wants To Fill Up Rainy Day Account

by Jackson Hole. Media

During his first State of the State address yesterday, Wyoming Governor Mark Gordon not only called on the legislature to be prudent in the commitment of Wyoming’s finances, but to seek ways to recharge the state’s so-called “Rainy-Day Account” whenever economic times permit. Recalling his experience as the state treasurer, Gordon says the state needs to chart a steady course during the good and the lean times, and use its savings wisely.  Gordon says that is why he is supporting a bill to better define the purpose of the “Rainy-Day Account.” The intent is so that the nearly $2-billion dollars can be invested in better ways. But Gordon quickly adds, “First and foremost, this new bill will assure that the money will be there for rainy days, and second, that it will earn incrementally than it does now.” Gordon says the bill will further clarify when, how much, and for what purposes the savings are to be used. Overall, Gordon pointed out that a less optimistic financial forecast in January can become more optimistic by October, and the overall year’s financial condition comes in somewhere between. This he says makes it difficult for the state to find a consistent path forward, and he cautioned lawmakers against reacting to either the up or down times in budgeting.

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