(The Center Square) – Wisconsin finished last fiscal year with a positive balance of $4.6 billion and a record-high $1.9 billion in its rainy day fund, according to the state’s Annual Fiscal Report.
The report confirmed state tax collections of $21.3 billion were a 1.7% increase from the year before while beating the budgeted estimates by 1.3%.
“We’re proud of the prudent fiscal management that the state of Wisconsin continues to demonstrate under the guidance of Gov. [Tony] Evers, year in and year out,” said Department of Administration Secretary Kathy Blumenfeld. “Ending the year with a healthy reserve and record high rainy-day fund positions us well for the future and being able to respond to the needs of the people of Wisconsin.”
The undesignated general fund balance of $4.6 billion is $821.3 million higher than the budgeted estimate.
The state spent 45.7% of its funds on local assistance to school districts, municipalities and counties while 29.3% went to aid payments for individuals and organizations while 19.0% went to all other state agencies for operations.
“As I begin to prepare our state’s next biennial budget, this news comes at a critical time as we have needs that have long been neglected—stabilizing our child care industry, investing in public education at every level, and addressing rising costs for working families—that must be a top priority for us in this budget,” Evers said in a statement.
That state collected $9.7 billion in individual income tax, $7.6 billion in sales and use taxes and $2.7 billion in corporate franchise and income taxes.
