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LFB: No New Revenue
By Wisconsin School Administrators Alliance staff | May 6, 2015
From WisPolitics:
The Legislative Fiscal Bureau says the last round of revenue projections it did are on target and there is no need to adjust them.
The estimate is a blow to GOP lawmakers who had been hoping for new revenue growth to cover things like eliminating a cut in K-12 aid Gov. Scott Walker had proposed in the first year of the budget.
LFB Director Bob Lang wrote in a memo to the Joint Finance co-chairs today that 2014-15 tax collections should increase somewhat and may exceed previous projections. But he noted forecasts for the national economy have been downgraded since LFB did revenue projections in January. Any uptick in the current fiscal year will likely be offset by reduced growth in 2015-16 and 2016-17.
“On balance, we believe that the current estimates for the three-year period are still reasonable and should not be adjusted,” he wrote.
Read LFB letter here.
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