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Written by: Kelly James
Published: 03/21/2006 Wyoming Hopes to Use Energy-Tax Surplus to Fund Education
Over the past four years Wyoming has collected $65 million a month more than the government can spend in energy-taxes from oil drilling companies. Thus far, they have directed those funds toward wildlife protection, historic preservation, financial support for families of Wyoming National Guard troops in Iraq, and the elimination of taxes on groceries. With revenues continuing to outpace spending, however, state officials are exploring more ambitious options, some with the potential to shape the state's educational future. Recently, legislator’s authorized a $505 million endowment to the University of Wyoming, Laramie (the state’s only four-year institution) and the two-year community colleges. The goal of this fund is to allow the institutions to create a dozen new permanently endowed department chairs, part of an effort to recruit prominent new faculty. In addition, interest earned from the endowment will provide scholarship money for the majority of the state’s graduating high school seniors, including free tuition for students who have completed the most rigorous coursework. Legislators hope to someday increase the fund to make higher education free of charge to all Wyoming residents. The goal, say state officials, is to make Wyoming a more attractive place to live and do business thanks to a highly educated and trained workforce. With the new funding, Wyoming is expected leap from seventh in the nation to first or second in education spending per-capita. Legislators hope the new funding will entice workers filling temporary positions in the oil industry to move permanently to Wyoming and bring their families with them. State Superintendent of Public Education, James McBride, is convinced this mobilization effort will be a success. “It’s a great time to be in education in Wyoming,” said Mr. McBride. “In five years we’ll be the best, and first, in everything in the country.”
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