Madison, WI – On Tuesday, January 25th, the state’s non-partisan Legislative Fiscal Bureau (LFB) released its annual review of the state’s general fund. This analysis included an examination of economic forecasts and tax collection and expenditure data of the current fiscal year (July 2021-June 2023).
The Bureau found that by the end of the current fiscal year in June of 2023, the net general fund balance will be nearly $2.9 billion above the original projected net balance. The source of these surplus funds were due to an increase of $2.5 billion in estimated tax collections, an increase of $33.1 million in departmental revenues, and a decrease of $340 million in net appropriations. In response to these new estimates, Sen. Felzkowski (R-Tomahawk) released the following statement:
“These new estimates released by LFB provide great news for Wisconsinites. All of our hard work and conservative budgeting over the past decade has led up to this historic opportunity. It is now up to the Legislature to continue making decisions that will benefit Wisconsinites in the long-term and provide necessary relief for our hard-working taxpayers.”
For more information on the Legislative Fiscal Bureau’s annual review, contact our office at Sen.Felzkowski@legis.wi.gov or call us at 608-266-2509.
