CHEYENNE -- While most states have seen their revenues shrivel in the recent tough economic times, Wyoming is watching its bankroll grow. Officials say Wyoming lawmakers will have to decide early next year whether to spend or save the extra dollars.

Wyoming hasn't yet closed the books on Fiscal Year 2008, which ran through the end of June. Tax revenues commonly arrive in government coffers a few months after the private market transactions that generated them.

Even so, a recent report from the state's Economic Analysis Division states that deposits into Wyoming's General Fund revenues exceeded projections by nearly $180 million for FY08.

While the state's Consensus Revenue Estimating Group had projected total revenues of $1.1 billion, the state has already received more than $1.2 billion and the money is still coming in. Much of the increase is coming from higher severance tax revenues from increased natural gas and oil production.

A recent report by the National Conference of State Legislatures says revenues have typically exceeded forecasts for energy states. "But for the vast majority of states that rely on personal income, sales and corporate income taxes, the circumstances have been uneven and less positive," the report states.

Steve Sommers, co-chair of the state's CREG group, said Friday that it's too early to estimate how much extra money Wyoming lawmakers could have to spend when they gather in Cheyenne early next year. He said the CREG group will issue its formal revenue projections in October.

Richard Cox, director of the Budget Division at the Wyoming Department of Administration and Information, said Wyoming lawmakers could decide to put extra money into savings or into capital construction projects.

"I don't have an exact figure, but yeah, there will be money available for them to do something with above the forecast," Cox said. "I don't know what that amount will be, once they take care of all their necessary and required expenditures and their supplemental budget requests."

Lawmakers in California are currently facing off with Gov. Arnold Schwarzenegger about where to cut spending to cover that state's budget deficit. They've already agreed to roughly $10 billion in spending cuts and are now debating how to close the remaining $5 billion deficit.

Cox said California is just one of many states facing tough budget conditions. "Several states are not quite as fortunate as we are, that's for sure," he said.

In addition to its energy revenues, Wyoming is also reaping substantial returns on its investments. State Treasurer Joe Meyer reported in July that the value of the state's total investment portfolio grew by $1.5 billion in book value over the previous year, rising from $9.4 billion in FY2007 to $10.9 billion in FY2008.

"Obviously, we're way ahead, we're ahead of projections in all major categories," Meyer said Friday. "The price amount -- the total amount the Legislature has to deal with -- will probably be more obvious in January. This is just through the fiscal year, but you'll have six more months of performance to add to that.

"The overall general fund sources are up 15.9 percent over projections," Meyer said. "That's roughly $180 million dollars. That's unanticipated revenue."

House Speaker Roy Cohee, R-Casper, said the current situation mirrors the excess revenue Wyoming has received from mineral extraction over the last seven or eight years.

"It's going to give the Legislature another prime opportunity to invest it substantially in the state of Wyoming, in its highways, water development, and to our cities towns and counties," Cohee said.

But Cohee said the windfall also carries risks.

"The Legislature needs to ensure that it doesn't get carried away with the growth of government," Cohee said. "Because this financial windfall, even though it may last two decades, it won't last forever. So we still need to be mindful that we control our expenses, and make sure we have no more government than we need."