Post by Logan on Jun 22, 2016 4:12:03 GMT -6
Mead announces $248M in budget cuts, nearly 700 private-sector layoffs
CHEYENNE — Gov. Matt Mead proposed Tuesday cutting $248 million from the state budget beginning July 1, which will result in 677 layoffs of private-sector employees who work for companies that do business with the state.
“There are no easy answers, no easy process to address the situation,” he said.
The planned cuts represent about 8 percent of the state’s two-year budget that starts July 1, Mead said. They come in response to declining revenues from oil, gas and coal, which provide 70 percent of the money in state coffers. In recent months, state economists have revised revenue projections downward by $600 million. For instance, coal production has fallen to 1995 levels.
The governor presented his recommendations to the Joint Appropriations Committee, a group of lawmakers who review the state budget. The committee and legislative leadership will review the plan and either adopt the cuts or reject them and plan a special legislative session, Mead said.
Read more: trib.com/news/state-and-regional/govt-and-politics/mead-announces-m-in-budget-cuts-nearly-private-sector-layoffs/article_59fdb84f-90c6-5bbe-a578-62e2d2ddee39.html
CHEYENNE — Gov. Matt Mead proposed Tuesday cutting $248 million from the state budget beginning July 1, which will result in 677 layoffs of private-sector employees who work for companies that do business with the state.
“There are no easy answers, no easy process to address the situation,” he said.
The planned cuts represent about 8 percent of the state’s two-year budget that starts July 1, Mead said. They come in response to declining revenues from oil, gas and coal, which provide 70 percent of the money in state coffers. In recent months, state economists have revised revenue projections downward by $600 million. For instance, coal production has fallen to 1995 levels.
The governor presented his recommendations to the Joint Appropriations Committee, a group of lawmakers who review the state budget. The committee and legislative leadership will review the plan and either adopt the cuts or reject them and plan a special legislative session, Mead said.
Read more: trib.com/news/state-and-regional/govt-and-politics/mead-announces-m-in-budget-cuts-nearly-private-sector-layoffs/article_59fdb84f-90c6-5bbe-a578-62e2d2ddee39.html