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9/11/2012 6:03:00 AM
Wisconsin steaming toward budget surplus
Rainy Day Fund could get record windfall; job and wage growth also reported
Richard Moore
Investigative Reporter
If current spending estimates hold, the state of Wisconsin is headed for an unexpected budget surplus of about $274 million for the current 2011-13 budget cycle.
A new Department of Revenue report released this week shows that the state collected $126.6 million more in general-purpose tax revenue during the 2011-12 fiscal year than was projected last May. The May number itself had reported a better revenue collection estimate than the one before it.
Because half of any budget surplus must be deposited in the state’s Budget Stabilization Fund, otherwise known as the Rainy Day Fund, that account could be in for a record haul as well, according to Department of Administration secretary Mike Huebsch, who cautioned that final expenditure numbers still have to be considered.
http://lakelandtimes.com/main.asp?SectionID=9&SubSectionID=109&ArticleID=15926