MacIver News Service | August 1, 2013
[Madison, Wisc...] The Joint Committee on Finance released its final numbers for the general fund cash balances in the last quarter, which ended on Wednesday. The funds were in the black throughout the entirety of the quarter, with the lowest intramonth balance averaging at $1,619,500,000. According to the memo, at no time did the committee need to exercise authority in order to delay payments.
The memo also included a cash forecast, based on the biennial budget, for the next six months. That forecast provides a positive outlook for the near future, as all funds are projected to stay in the black. The lowest expected intramonth balance is in August, at $197,300,000.
Overall, the positive cash fund activity under Governor Scott Walker continues to contrast Governor Jim Doyle's depleted funds. As the MacIver Institute reported, state government spent more than it had under the Doyle administration. This led to a checkbook that was deep in the red, necessitating a constant shifting around of funds. Toward the end of Doyle's second term, cash funds were projected to be almost $400 million short.
This latest financial memo is another example of the clear benefits of fiscal discipline and prudent spending.
The full memo can be seen here.