State Maintains Record Budget Stabilization Fund of $1.73 Billion
Madison, Wis. – Today, the Wisconsin Department of Administration (DOA) reported that the State of Wisconsin ended Fiscal Year 2022, which ended on June 30, 2022, with a positive balance of $4.30 billion – a new record. In addition, the State maintained its Budget Stabilization Fund (“Rainy Day” Fund) at a record-high $1.73 billion according to the new Annual Fiscal Report released by the DOA today.
“The State of Wisconsin is in the best financial shape we’ve ever been in,” said DOA Secretary-designee Kathy Blumenfeld. “Not only have our budgetary expenditures gone down while revenues continued to increase, we have also maintained a record Budget Stabilization Fund while ensuring a strong pandemic recovery. Wisconsin’s high general fund balance is the result of smart, prudent fiscal management. Looking at where we were a decade ago, and where we are today, it’s clear how far we’ve come, and how well positioned we continue to be to face future challenges.”
Noteworthy items from the Fiscal Year 2022 Annual Fiscal Report include:
- The State’s undesignated general fund balance at the end of FY 2022 was $4.3 billion, nearly 70% higher than the prior year’s balance of $2.58 billion, and more than seven times larger than the balance at the end of FY 2018.
- The current Budget Stabilization Fund balance remains at $1.73 billion, the largest in the State’s history and more than five times larger than the balance at the end of FY 2018.
- State general fund tax collections in FY 2022 increased by 5.0% over the prior year and exceeded the most recent estimates by over $1.6 billion.
The full FY 2022 Annual Fiscal Report is available here: https://doa.wi.gov/Pages/StateFinances/AnnualFiscalReportAFR.aspx