MacIver News Service | November 20, 2012[Madison, Wisc…] Wisconsin is set to begin Fiscal Year 2013 with its largest balance in over a decade–$342.1 million, according to figures released Tuesday by the state Department of Administration (DOA). That surplus is in addition to $108.7 million Wisconsin put in its rainy day fund last month.
“Wisconsin has virtually reached a position of structural balance,” DOA Secretary Mike Huebsch wrote in a letter to Governor Scott Walker. “At the introduction of the current biennium in February, 2011 Wisconsin faced a $3.6 billion structural deficit.”
State tax revenues for the last year are estimated at $13.76 billion, and are expected to increase to $14.28 billion this year (2013-2014) and to $14.78 billion next year (2014-2015).
The Department of Administration also submitted agency budget requests to Governor Walker Tuesday. Agency requests total $15.3 billion for this year and $15.8 billion for next year. That’s $171.4 million more than the state expects to bring in over the course of the next biennium.
To see the full report from DOA, click the link below.