June 18,
2009
Presiding: Todd Pearson
Invocation: Galand Thaxton
News: Don Black
Humor: None.
Music: Jan Lawrence
Introduction of Program: Tim
Sullivan
Speaker: Buck McVeigh, Director of Economic Analysis
Division, Department of Administration and Information, State of Wyoming.
CLUB RESPONDENT: Ken Patel
FOUNDATION
DRAWING: The jackpot reached $401. Keith Downey won $10; the joker remained in
the deck.
GUESTS: Tim Sullivan hosted his father, Dr. B.J. ‘Bun’ Sullivan
VISITING
ROTARIANS: Steve Thompson, Boulder CO
ROTARIANS
OF THE WEEK: None.
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ANNOUNCEMENTS:
Keith Downey and Don Brosz spoke to the members about supporting Relay for Life
on June 19-20. Luminaries are available for sale and a reception for cancer
survivors will be held at 5:00 p.m. on the 19th. Last year 31 Relays in Wyoming raised nearly
$2 million. Tony Hoch announced some of his plans for next year: Tom Mangan
will take board minutes; Noel Welch will coordinate the fellowship committee
and manage attendance records, Pam Dunnuck will serve as Treasurer and Jason
Roesler will serve as Secretary. This year’s steak fry will be chaired by Paul
Greaser and will be held at his home in August. Paul Irish will chair the
Christmas Party committee and Shannon Swist will serve as the chair of the
Visioning Committee. Hoch is still looking for an editor of the “Spoke.”
Pearson announced that Bill Biles has volunteered his horse and wagon
for the Laramie Jubilee Days parade. or input on a
steak fry this year and passed
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PROGRAM
Buck McVeigh, a UW graduate who has been with the State of Wyoming for 29 years and Director of Economic Analysis Division for 11 years, presented “Wyoming Outlook – Heeding the Warning Signals.”
He explained why mineral production is important to Wyoming: our household tax burden ranks among the lowest in the nation, the mineral industry makes up 31% of the GDP and has 10% of employees, and comprises two-thirds of state and local tax revenues.
For example: a 3-person family with an income of $50,000 and a home valued at $150,000 pays $3,000 in taxes while enjoying benefits of $30,000.
In an assessment of ‘survival of the fittest’ in December Wyoming, Montana and North Dakota showed as in best condition but with short falls predicted.
Energy price sensitivity comparisons based on a $1.00 change in price per unit and the effect it has on tax revenues for the state was presented. A change of $1.00 per ton of coal represents a + $62 million change in revenue; a change of $1.00 per million cubic feet of natural gas represents a + $270 million change in revenue; and a $1.00 per barrel change represents a + $6 million change in revenue.
In recent years natural gas accounts for 60% of total mineral revenue.
Anticipated decreases in revenue are leading to steps by the state to minimize the impact. The time differential between the assessment of taxes and the collection of taxes results in an impact 12-18 months later. The shortfall in FY 2011-12 is anticipated at $517.3 million.
The outlook: 1) energy and price production is a key component of state revenues and will be lower; 2) other indicators to decline in the near term (populations growth, employment growth flattens, unemployment will increase, income growth will be under 3%, housing affordability is declining); 3) low industrial diversification; 4) lack of non-energy growth drivers; 5) fiscal stimulus.
Eastern states’ natural gas finds and increasing levels of extraction also becomes an area of concern.
Those wishing to keep up to date on the subject are invited to log on to: http://eadiv.state.way.us .
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FROM CHURCH BULLETINS?
1. “The Fasting and Prayer Conference includes meals.”
2. “The sermon this morning: ‘Jesus Walks on the Water.’ The sermon tonight: ‘Searching for Jesus.’”
3. “The peacekeeping meeting scheduled for today has been canceled due to a conflict.”
4. “Irving Benson and Jessie Carter were married on October 24th in the church. So ends a friendship that began in their school days.”
5. “Potluck supper Sunday at 5:oo p.m. – Prayer and medication to follow.”
6. “Low Self Esteem Support Group will meet Thursday at 7:00 p.m. Please use the back door.”
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WORLD COMMUNITY SERVICE
World Community Service (WCS) is the Rotary program by which a club or district in one country provides humanitarian assistance to a project of a club in another country. Typically, the aid goes to a developing community where the Rotary project will help raise the standard of living and the quality of life. The ultimate object of World Community Service is to build goodwill and understanding among the people of the world.
Every Rotary club is urged to undertake a new World Community Service project each year.