Report shows state has Generally Accepted Accounting Principles positive balance for the sixth consecutive year under Gov. Evers
MADISON — Gov. Tony Evers today announced that, for the sixth consecutive year during his tenure, the state’s General Fund recorded a positive balance at the end of the 2024-25 fiscal year using Generally Accepted Accounting Principles (GAAP). Released today, the state’s Annual Comprehensive Financial Report (ACFR) shows a $3.9 billion positive GAAP balance in the state’s General Fund. The ACFR also shows the state’s Budget Stabilization Fund—also known as the “rainy day” fund—again ended the fiscal year at the highest level in state history with a balance of $2 billion. The Budget Stabilization Fund has set a new record in every fiscal year under Gov. Evers.
“My administration and I have remained committed to working across the aisle, being responsible stewards of taxpayer dollars, and paying off our state’s debts, and after 30 consecutive years of the state running at a deficit, now, today, thanks to our diligent management of our state’s finances, we are celebrating six consecutive years of Wisconsin’s bank account being securely in the positive,” said Gov. Evers. “This is something that we can all be proud of, and it’s great news for the people of Wisconsin and our state’s economy.”
Highlights:
- This is the sixth consecutive year the General Fund recorded a positive balance using GAAP.
- Gov. Evers made addressing the state’s deficit a top priority upon taking office.
- In 2020, Gov. Evers announced the state was no longer running a deficit for the first time since the Thompson Administration and the state first began publishing this annual report in 1990.
- Under Gov. Evers, the state’s general fund has not seen a deficit in six consecutive fiscal years.
- The ACFR shows a $3.9 billion positive GAAP balance in the state’s General Fund and a $2 billion balance in the “rainy day” fund, which is the highest level in state history.
- The “rainy day” fund has set a new record in every fiscal year under Gov. Evers.
- The $3.9 billion positive General Fund balance reflects the continued strong financial position of the state in the 2024-25 fiscal year that resulted from significant budget reserves, solid ending fund balances, and excellent liquidity, which will be well received by investors.
- The state’s Transportation Fund maintained a $2 billion total fund balance in fiscal year 2024-25 on a GAAP basis.
- Under GAAP, the state’s total long-term debt decreased by over $678 million, which indicates the state repaid existing debt in excess of new debt being issued in the 2024-25 fiscal year.
- The state’s total long-term debt has decreased every year that Gov. Evers has been in office under GAAP.
- Under Gov. Evers, the state has reduced its long-term debt obligations by an average of $430 million annually over the past six years.
- Under Gov. Evers, the state has completed numerous debt refinancing transactions, providing present value debt service savings of $595 million since January 2019.
- Wisconsin achieved an AAA bond rating on its General Obligation debt in 2021, which it has maintained for over four years. This is the first time Wisconsin’s underlying bond rating has been at the AAA level by any rating agency since 1982.
The state’s ACFR for the 2024-25 fiscal year can be found here.
Background on the ACFR:
The Wisconsin Department of Administration has published the state’s ACFR since 1990. The report is prepared on a GAAP basis. The adoption of GAAP by the state of Wisconsin for financial reporting purposes serves to present the state’s financial position in a business-like manner. GAAP reporting accurately measures financial operations, fully discloses financial positions, provides an externally accepted presentation, and provides information for financial managers.
The state of Wisconsin ACFR has received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) each year since 1996.
An online version of this release is available here.
