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LFB Projects $3.8 Billion Surplus for 2021-23 Budget
By Wisconsin School Administrators Alliance staff | January 25, 2022
From WisPolitics.com …The Legislative Fiscal Bureau today projected the state will finish the 2021-23 budget with a $3.8 billion surplus, nearly $2.9 billion more than was expected just several months ago.The LFB said the revised estimate was due to $2.5 billion more in expected tax collections by the end of the two-year period, an increase of $33.1 million in departmental revenues and a drop of $339.4 million in appropriations.LFB noted the state’s budget stabilization fund balance is more than $1.7 billion. That exceeds the automatic trigger that directs the state to divert some surplus state revenues to the fund, meaning the state Capitol will have that money available for new spending, tax cuts or to leave it in the general fund.Joint Finance Co-chairs Mark Born, R-Beaver Dam, and Howard Marklein, R-Spring Green, said the increased revenue projections are partly due to “all of the federal funding and stimulus money that is pouring into our state” and argued the state must “continue to be vigilant.”“We are well positioned for the future when all of the one-time federal funding will end,” they said. “We must prepare for the future and continue to use the massive federal funding for one-time expenses in order to maintain our extraordinary financial position.”See the memo here.
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