'A Fiscal Policy Report Card on America's Governors: 1998' by Stephen Moore and Dean Stansel

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Page 75

Wyoming

Jim Geringer, Republican

Legislature: Republican

Took Office: 1/95

Grade: B

After a 12-year career in the state legislature, Jim

Geringer won his first term as governor by a 19 point margin

in 1994. Wyoming is a unique state in many ways. It has no

personal or corporate income tax, and it relies on severance

taxes on the mineral industry for an inordinately large

share of its revenues, about 15 percent. Tax receipts can

fluctuate widely in response to changes in the prices of oil

and other minerals, thereby causing boom and bust cycles in

the state budget. This creates some difficulties in assess-

ing Geringer's fiscal record. To his credit, Geringer's

first biennial budget proposal called for an actual decrease

in spending. Revenue growth has also been fairly re-

strained, although that is due in part to a sluggish econ-

omy. While Geringer's overall fiscal record has been above

average, his record on tax cutting does not compare favora-

bly with the records of the rest of the class of 1994. In

fact, Geringer has supported extending a 1-cent temporary

sales tax hike enacted by his predecessor and raising the

gas tax by 5 cents.

Score

Grade

Rank

Overall Fiscal Policy Score

Spending Score

Revenue and Tax Rate Score

Amount

-3.0%

Average Annual Change in Real Per Capita Direct General Spending through 1996

-4.9%

Average Annual Change in Direct General Spending Per $1,000 Personal Income through 1996

1.4%

Average Annual Recommended Change in Real Per Capita General Fund Spending through 1999

1.3%

Average Annual Change in General Fund Spending Per $1,000 Personal Income 1996-98

-1.5%

Average Annual Change in Real Per Capita Tax Revenue through 1997

-3.0%

Average Annual Change in Tax Revenue Per $1,000 Personal Income through 1997

-0.9%

Average Annual Recommended Change in General Fund Revenue Per $1,000 Personal Income through 1999

0.4%

Average Annual Change in Real Per Capita General Fund Revenue 1996-98

0.0%

Average Annual Recommended Tax Changes as % of Prior Year's Spending through 1999

0.0

Change in Top Personal Income Tax Rate, proposed and/or enacted (% points)

0.0

Change in Top Corporate Income Tax Rate, proposed and/or enacted (% points)

0.0

1998 Combined Top Income Tax Rates (Personal plus Corporate) (*0.5)

1.0

Change in Sales Tax Rate, proposed and/or enacted (% points)

5.0

Change in Gas Tax Rate, proposed and/or enacted (cents per gallon) (*0.5)