MacIver News Service | August 23, 2013
[Madison, Wisc...] General Purpose Revenue (GPR) collections increased by nearly $571 million from fiscal year 2012 to 2013 and $71.5 million from a Legislative Fiscal Bureau (LFB) estimate in May, according to an unaudited report from the Department of Revenue (DOR).
DOR collected $14.086 billion of GPR in FY13, which includes individual and corporate income taxes, sales taxes, excise taxes, and others. The collections increased 4.2 percent from the previous fiscal year.
The Fiscal Bureau released a memo in May of this year that estimated GPR collections to be at $14.014 billion, but collections were 0.5 percent greater after final results were calculated by DOR.
The memo from DOR is an unaudited report and will be reviewed by the State Controller's Office prior to publication of the Department of Administration's Annual Fiscal Report on October 15, 2013.
Governor Scott Walker called the increase in revenue positive for Wisconsin.
"The $71 million increase in revenue estimates from the Department of Revenue is good news for Wisconsin. Over the past several years, we have made tough, but prudent, decisions to get our fiscal house in order. Together, we laid a strong foundation, which means we can invest in our priorities, such as education and workforce development, to continue moving Wisconsin forward," Walker said in a statement.
The full memo can be seen here.