Wisconsin reports $3.3 billion general-fund surplus and growing rainy-day savings
Wisconsin ended its latest fiscal year with a $3.3 billion surplus in the general fund and a $2.1 billion balance in its rainy-day reserve.
According to the latest Annual Fiscal Report, Wisconsin collected 3.4% more in taxes than the previous year and outperformed revenue estimates by 2%, leaving a $3.3 billion surplus in the general fund, $350 million above forecasts. The state's rainy-day fund also expanded by $1.75 billion since Governor Tony Evers took office, reaching $2.1 billion. Evers hailed the fiscal outcome as evidence that tax reductions for families and seniors, along with investments in education, broadband, roads, veterans, and healthcare, can coexist with prudent budgeting.
The Senate recently rejected a plan that would have used part of the surplus for an income-tax refund, eliminated overtime and tip taxes, and added $300 million each for special-education and general school aid. Republican gubernatorial candidate Tom Tiffany proposes a 10% income-tax cut for families earning under $150,000 and eliminating taxes on tips and overtime, while Democratic candidate David Crowley favors directing more funds to schools to lower local property taxes.
