Wisconsin Has $2.58 Billion Surplus For Fiscal Year

Milwaukee WI

19 October, 2021

1:02 PM

Description

WISCONSIN — The state of Wisconsin had a surplus of $2.58 billion for the fiscal year ended in June, the Department of Administration announced Monday. The latest fund balance at the end of the fiscal year was more than double the year's balance of $1.17 billion in 2020, the administration said. The state's Budget Stabilization Fund — or "Rainy Day Fund" — increased to $1.73 billion, according to a department report. Wisconsin transferred $967.4 million to the Rainy Day Fund, the department said. The fund is now the largest it's been in the state's history and five times larger than the budget in 2018. State tax collections rose by 11.6 percent and exceeded estimates by $319 million, the department said. Wisconsin also received $1.267 billion from the State Fiscal Recovery Fund in 2021, according to the report. The fund is tied to the American Rescue Plan Act to deal with the effects of the coronavirus pandemic. The U.S. Department of Treasury told the state it would receive $2.5 billion in federal stimulus funds in May, the Wisconsin State Journal reported. "By prudently managing our way through this crisis, we've built the largest Budget Stabilization Fund in state history, making sure we're ready for future challenges, and securing a strong pandemic recovery for our hard-hit communities, businesses and industries," administration Secretary Joel Brennan said.