State projects $6.6 billion Surplus for Current Budget Cycle
The Wisconsin Department of Administration recently reported the state anticipates a record-high budget surplus of nearly $6.6 billion for the current fiscal year, which ends on June 30, 2023. Previous estimates set the surplus at just over $5 billion. In addition to the expected $6.6 billion surplus, the state also has $1.7 billion in its rainy-day fund.
“Exceptional fiscal management, a positive GAAP balance, and a record high surplus are good news for Wisconsin as we get ready to close out 2022 and put the pandemic in the rear view,” said DOA Secretary-designee Kathy Blumenfeld. “Our financial outlook is strong, as is our Administration’s leadership and commitment to ensure a prosperous and resilient Wisconsin that works for all.”
The record surplus will have a significant impact on the upcoming state budget process, which will begin next year after the Legislature reconvenes. Evers will submit his two-year budget proposal in February, and the Republican-controlled Legislature will take the next several months to rewrite the spending plan before sending it back to Evers by June 30 for his signature and/or veto.
Gov. Tony Evers said Wisconsin is in a strong financial position and, “This unprecedented surplus presents an unprecedented opportunity to make critical investments in Wisconsinites and the future of our state.”
The GOP Co-Chairmen of the Legislature’s powerful budget-writing committee – Sen. Howard Marklein and Rep. Mark Born – also applauded the historic surplus, saying “It gives us flexibility to fund the programs and agencies that are necessary for prosperity in Wisconsin while cutting taxes to benefit all Wisconsin taxpayers.”
CLICK HERE to read the full DOA budget report.