DOA Announces a $293 Million Increase in Projected State Revenue
In case you missed it, brief news articles and blogs reported yesterday that the Department of Administration announced that the state’s budget prospects are looking a little bit brighter because of new revenue estimates that have been revised up by about $293 million for the remainder of the current fiscal year and the next biennium.
The revised estimate for the current fiscal year is $57.4 million above the estimate published on November 19th. The revenue projections for the 2011-2013 biennium have increased by $235 million over the previously published estimates.
Outgoing DOA Secretary Dan Schooff issued the following statement regarding these increased revenue projections: “These projected revenue increases are a direct result of President Obama’s recently enacted tax cut bill and additional Department of Revenue personal income data showing continued growth in Wisconsin’s economy.”
Mary Spicuzza’s blog post in the State Journal yesterday quoted a spokesman for Governor-elect Walker, Cullen Werwie, who called the projections “a step in the right direction” but said “there will need to be sustained economic growth coupled with reductions in state spending to balance Wisconsin’s $3.3 billion structural deficit.”
Read more about the improved fiscal outlook in Jason Stein’s Journal Sentinel article.