By Jon Styf | The Center Square
(The Center Square) – Wisconsin is expected to have a $4 billion surplus at the end of the fiscal year, according to the Department of Administration.
The state also has a $1.9 billion balance in what is known as a rainy day fund.
The state is expected to collect more than $22 billion in taxes this fiscal year, a 3.2% increase equal to $683.1 million, this year.
Estimates were also updated for the next two years with $22.7 billion in tax collections expected in fiscal 2025-26 and more than $23 billion expected in collections in 2026-27.
“We’ve worked hard to be fiscally prudent and reduce our state’s debt where we could while still making smart, strategic investments in needs and priorities that have long been neglected,” said Wisconsin Gov. Tony Evers. “We must continue to balance these important obligations in our next biennial budget and stay within our means while continuing to make the critical investments we need to maintain our economic momentum.”
The Department of Administration also released a detailed report of budget requests from state departments for the upcoming new biennial budget.
Those requests include a $3 billion increase in spending from the Department of Public Instruction that includes $4 billion in new K-12 spending.
Syndicated with permission from The Center Square.
