As Wyoming prepares for the 2025 general session, the state’s economic outlook is at the forefront of discussions, Wyoming News Now reports.
During the Governor’s Business Forum hosted by the Wyoming Business Alliance (WBA) on Thursday, state lawmakers, including former chairman of the Wyoming Freedom Caucus Rep. John Bear, R-Gillette, current Senate President Ogden Driskill, R-Devils Tower, and Rep. Trey Sherwood, D-Laramie, weighed in on what to expect for Wyoming’s fiscal future.
With new members set to join the 68th Wyoming Legislature in January, there is an anticipation of significant changes in state policy, especially in how Wyoming’s budget is handled. Among the most notable changes is the expected shift in control of the House of Representatives to the Wyoming Freedom Caucus, a group of conservative Republicans, which could have profound effects on how the state’s resources are allocated.
One of the key points of contention was how Wyoming should approach its surplus funds. The most recent Consensus Revenue Estimating Group (CREG) report from October showed that the state ended the 2024 fiscal year with a $173 million surplus. However, while some lawmakers are focused on returning taxpayer money to residents, others emphasize investing in long-term economic prosperity.
Rep. Bear, a staunch advocate for conservative fiscal policies, argued that it is time to return the surplus funds to taxpayers. He stressed that Wyomingites have paid “generously” in property taxes over the past years, and the state should give back some of that money to provide relief to residents.
“It’s time to get a little relief in that area and probably come up with some reforms,” he said.
On the other hand, Sen. Driskill, who will not be returning to the Legislature next year, countered Bear’s stance, arguing that the state’s fiscal health remains strong and that investments in future growth are necessary.
“The sky’s not falling,” Driskill remarked.
Senator emphasized that Wyoming holds more savings per capita than any other state in the nation. He believes that the state’s best use of funds is not to return them to taxpayers but to invest in projects that will ensure the state’s future economic prosperity.
“Companies don’t cut in times of prosperity. They invest in their future,” he added.
A key point of disagreement during the forum centered on property taxes, which are largely driven by fair market value. While Driskill maintained that property taxes, which help fund local services such as schools, are outside the Legislature’s control, Bear argued that it’s time to address the issue and provide relief for taxpayers, particularly those who have experienced an increase in property values.
Driskill, however, expressed concern about the impact of reducing funds from the state’s general fund, which is used to finance government agencies and services.
“I do not support doing that to return money back to the personal property taxpayer,” he said.
He however acknowledged that property taxes still need to be addressed.
Beyond fiscal policy, the discussion also touched on the need for economic diversification. Sen. Driskill highlighted Wyoming’s growing role in emerging energy sectors, particularly the TerraPower nuclear plant being developed near Kemmerer, as an example of positive growth in the state’s energy landscape. He also advocated for allowing private landowners to invest in renewable energy projects, even if they come with subsidies.
Rep. Bear also supported efforts to diversify Wyoming’s economy, but he suggested that the state should lower taxes on businesses to attract new industries.
“Government needs to run much more efficiently on a much smaller amount of dollars,” Bear argued.
Representative added that a more efficient state government could encourage more business development and reduce the financial burden on residents.
While the panelists disagreed on some points, both agreed on the importance of maintaining Wyoming’s fiscal health and creating an environment that fosters long-term growth. As the 2025 session approaches, lawmakers will have a lot to consider in terms of balancing fiscal responsibility with the need for economic investment and tax relief.
