MacIver News Service | October 14, 2013[Madison, Wisc…] The State of Wisconsin ended fiscal year 2013 with a nearly $760 million surplus, an increase of $89 million over the previous estimate.
The Department of Administration’s State Controller’s Office released their Annual Fiscal Report on Monday, which showed revenues increased by 4.2 percent over the previous year. The increase in revenue is expected to go towards a $100 million property tax relief plan that Governor Scott Walker proposed last week.
State revenue is up $571 million over FY12, which includes a 6.5 percent increase in individual income tax revenue, a 2.8 percent increase in sales tax revenue, and a 2.1 percent increase in corporate income tax revenue.
The state surplus resulted in a $153.2 million deposit into the state’s rainy day fund, which brings that total to $278.5 million.
“Our tough, but prudent, decisions are paying off for Wisconsin families. In just over two years, we’ve turned a $3.6 billion budget deficit into a nearly $760 million surplus,” Walker said in a statement. “This is more great news for the hardworking taxpayers, but there’s more work left to be done.”
The Joint Committee on Finance is expected to vote on the property tax relief plan Tuesday morning, followed by a vote in the Senate.
The full Annual Fiscal Report can be seen here.