CHEYENNE, Wyo. (AP) — Gov. Matt Mead has approved a compromise state K-12 education spending plan that cuts $34.5 million from schools.

The governor signed the legislation Monday. Lawmakers declined proposals to increase taxes to raise new money for education.

Fixing an education funding shortfall on track to top $380 million a year was one of Mead's top hopes for the eight-week session that ended earlier March 3.

The state has lost millions in revenue because of the downturn in the coal, oil and natural gas extraction industry. Wyoming funds a lot of its public education from taxes and other sources of income derived from the industry.

The legislation creates a special committee to work on how to fund Wyoming schools in the future.