Rollin’ in the dough: new state revenue projections

Posted at 2:30 p.m. on May 15, 2019

The Brillion News

MADISON – The state’s non-partisan :Legislative Fiscal Bureau said the economy is so strong that state revenue collections will surpass previous estimates significantly.

“Based on our review of collections data and the economic forecast, we now believe that general fund taxes will be higher than the previous estimates by $592 million in 2018-19, $68 million in 2019-20, and $93 million in 2020-21. The three-year increase is $753 million, or 1.5 percent,” said Robert Wm.Lang, LFB director, in a letter to the legislature’s Joint Committee on Finance.

Updated revenue numbers reveal that the budget surplus from the last biennium is $753 million larger than the $1.6 billion expected surplus.

Co-chairs of the budget-writing committee, Representative John Nygren, R-Marinette, and Senator Alberta Darling, R-River Hills, released the following statement regarding the new revenue projections:

“Contrary to the negativity coming from Democrats, Wisconsin is on solid economic ground. New data released by the non-partisan Legislative Fiscal Bureau shows we can expect nearly $150 million in ongoing revenue available for the next biennium on top of the $1.8 billion previously estimated. This is even more proof that there is no need to raise taxes on the people of Wisconsin. “This re-estimate proves that our reforms are working; the state is spending less on burdensome regulation while holding the line on taxes for Wisconsinites across the state. The improved revenue numbers are encouraging. We know there is more work to be done. As we continue our work on the 2019-21 state budget process, we will continue on the same path ande employ responsible fiscal planning to ensure Wisconsin continues to prosper and succeed.”

Locally, state Representative Shae Sortwell, R-Gibson/Francis Creek is calling to use the additional adjusted revenue for tax relief to Wisconsin taxpayers.

“Governor Walker and the Republican Legislature left us in an even stronger fiscal position than we thought. The additional $753 million on top of the $1.6 billion is more than welcome, and proves that fiscally conservative policies work,” Sortwell said. “Republicans in the Assembly are united. This $753 million in unexpected surplus revenue must go back to the taxpayers, or bolster our rainy day fund. Government should not take more than it needs. That money belongs to the people who earned it through hard work. I sincerely hope Governor Evers will join us to return this money to its rightful owners, instead of pushing for more government boondoggles.”