Jun 7, 2012 - The Associated PressCHEYENNE -- Wyoming's revenues are accumulating slightly ahead of projections for the fiscal year that ends this month, but state officials are still bracing for a hit as the effect of recent lower natural gas prices filters through the tax collection system.
A recent state report shows revenues to the state's General Fund were 5.7 percent, or $58 million, ahead of projections through April.
However, state officials warn that natural gas production tax revenues are likely to continue to slide.
Prices for natural gas in Wyoming dipped below $2 per thousand cubic feet in April but have since climbed up to roughly $2.25.
State budget analysts in January predicted natural gas would average $3.25 this year. Each dollar drop in gas prices costs the state roughly $113 million a year in lost General Fund revenues.
Chris Boswell, head of the Wyoming Department of Administration and Information, said Monday that it appears likely that budget analysts may have to lower their state income projections again when they meet this fall. The state's Consensus Revenue Estimating Group makes forecasts of the performance of energy markets and other factors.
Get your copy of The Ranger online, every day! If you are a current print subscriber and want to also access dailyranger.com online (there is nothing more to purchase) including being able to download The Mining and Energy Edition, click here. Looking to start a new online subscription to dailyranger.com (even if it is for just one day)? Access our secure SSL encrypted server and start your subscription now by clicking here.