Judging by current economic forecasts, the Wyoming state budget could be tight for the foreseeable future. That’s the downside of depending on mineral income for much of the state’s revenue.

The Wyoming Legislature has seen this boom-and-bust economic pattern several times in the past, and it wisely began planning ahead for tough times decades ago by creating the Permanent Wyoming Mineral Trust Fund.

As of Dec. 31, the trust fund contained $6.6 billion on a cost basis (what the securities were purchased for), or $7.1 billion in market value (what they were worth on Dec. 31). During fiscal year 2015, interest and earnings on that fund are predicted to provide about $284,272,300 in state revenue.

Then, in 2005, the Legislature created the Legislative Stabilization Reserve Account, known informally as the state’s rainy day account. As of Dec. 31, that account had grown to $1.996 billion, or just shy of $2 billion.

But many cities, towns and counties haven’t shared in that wealth, so they’re not prepared for the coming storm.

In the late 1990s, there was no rainy day account, and Wyoming was going through some hard times during a similar downturn in mineral income. To help balance the state’s budget, the Legislature reworked the way it distributes mineral income, capping the amount of mineral income provided to cities, towns and counties instead of providing a consistent percentage as it had in the past.

When lawmakers put the cap in place, they assured local governments that the Legislature would provide additional funding to cities, towns and counties when state coffers were flush. And, it has done so — but those handouts never have risen to the previous level of funding during years of plenty.

As a result, while mineral tax dollars were flowing freely into state accounts during plush years, cities, towns and counties waited to see how much money the Legislature would give them. For the most part, it was not enough for them to keep up with growing infrastructure needs as streets, water lines and other infrastructure aged and were not repaired or replaced.

The Legislature has helped with those needs as well, by providing grants through the State Loan and Investment Board for infrastructure and emergency services. But the need always outstrips the funding.

Now, state income is predicted to decline, and state agencies are bracing for likely budget cuts.

The Legislature historically has been unwilling to spend money from its reserve account unless, and until, it becomes absolutely necessary, and that is appropriate. After all, you never know how long a financial rainstorm might last, or how much rain will fall.

But, as Gov. Matt Mead noted, it’s already raining in many cities, towns and counties, and their needs are growing. We urge the Legislature to find a way to provide needed money to local governments, whether it be through the reserve account or from another source.

We’re thankful that there is some support for this among local legislators. Sen. Ray Peterson, R-Cowley, noted, “The state is only as strong as its counties and towns.”

Looking to the future, we urge lawmakers to rework how they share money with cities, towns and counties by raising or removing the cap during years of plenty. If local governments share in the wealth, they will be better prepared for the next rainstorm.