Annual Fiscal Report Shows $108.7 Million Deposit to Rainy Day Fund
Largest in state history
MacIver News Service | October 15, 2012
[Madison, Wisc...] The State of Wisconsin's fiscal health continues to improve.
Today, the Wisconsin Department of Administration (DOA) released its annual fiscal report, which shows Wisconsin will deposit $108.7 million into the state's rainy day fund.
"Under Governor Walker's leadership, Wisconsin will make the largest deposit to our rainy day fund in state history. We continue to manage the state budget to be good stewards of the taxpayers' money to put the state on sound fiscal ground for future generations," said Secretary Mike Huebsch.
According to the report general-purpose revenue expenditures are down and tax collections are up from the previou year.
From the report:
- Wisconsin finished fiscal year 2012 with a positive fund balance of $342.1 million
- This is $50.5 million higher than the balance of $291.6 million projected in appropriation summaries under Chapter 20 of the Wisconsin Statutes, approved in the August 10, 2012 meeting of the Legislative Joint Finance Committee
- General-purpose revenue taxes were $13.515 billion compared to $12.912 billion in the prior year, an increase of $603 million or 4.7 percent
- Collections increased in fiscal year 2011-12 with individual income and sales tax collections 5.1% and 4.4% more, respectively, than the prior year
- General-purpose revenue expenditures, excluding fund transfers, were $13.381 billion compared to $13.565 billion in the prior year, a decrease of $184 million or 1.4 percent
- The rainy day fund contribution is the largest such deposit in state history and the first time the state has contributed to the rainy day fund in consecutive years
The Department's release boasted that the state continued to devote the major share of state tax collections to assistance to local school districts, municipalities and counties.
According to DOA, local assistance accounted for 53.7 percent of total general purpose revenue spending, while aid payments to individuals and organizations represented 22.4 percent and the University of Wisconsin accounted for 6.8 percent and state operations spending for all other state agencies accounted for 17.1 percent of the total.
Click here for a copy of the Annual Fiscal Report