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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All News Stories
Budget timeframe: Biennial
Fiscal Year begins: July 1
Gov. Matt Mead
Office of Governor Matt Mead
State Capitol Building
Room 124
Cheyenne, WY 82002
Phone: (307) 777-7434
Fax: (307) 632-3909
http://governor.wy.gov/
Richard Cox, Administrator
Department of Administration & Information
2001 Capitol Ave., Emerson Bldg., Room 105
Cheyenne, WY 82002-0060
Phone (307) 777-7203
Fax (307) 777-3688
http://ai.state.wy.us/budget
2012 Legislative Calendar: Regular Session convenes on February 13 and adjourned on March 9.
Legislative Budget Leaders:
Rep. Rodney "Pete" Anderson (R), Chair, House Finance Committee, randerso@wyoming.com (307) 777-7881
Sen. John Schiffer (R), Chair, Senate Finance Committee, jschiffe@wyoming.com (307) 777-7881
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Wyoming's "balanced budget" requirement comes in a limit the issuance of debt. Article 16 of the 1869 Constitution states that no debt in excess of taxes can be created. Wyoming law forbids the carrying over of a deficit from one year to the next.
Budgetary information with the State's CAFR is presented in a consistent manner all three years. However due to a lack of page numbers, information is difficult to locate and keep track of. For FY2006 and FY2007, the State maintained 5 major governmental funds: the General, the Foundation Program, the Legislative Reserve, the Common School Land, and the Permanent Mineral Trust Funds. For FY2005, the State reported those same funds with a single exception; instead of the Legislative Reserve Fund it maintained the Budget Reserve Fund.
For each fiscal year, only three of the five major funds are budgeted. It is unclear how many of the total non-major funds are budgeted. Judging from the differences between actual and budgeted figures, it is likely that few of the total non-major governmental funds are budgeted. The Budgetary Comparison Schedules are missing beginning and ending balances. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Medicaid :
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HEADLINES: Wyoming
Medicaid spending concerns Wyoming
Several key Wyoming lawmakers expressed concern that the state needs to do more to get a grip on rising Medicaid costs to keep the program from becoming ultimately unaffordable.
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HEADLINES: Indiana, Washington, Wyoming, Texas
Some States Weigh Unthinkable Option: Ending Medicaid
Huge budget shortfalls are prompting a handful of states to begin discussing a once-unthinkable scenario: dropping out of the Medicaid insurance program for the poor.
- View All Wyoming articles
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
