September 1, 2014

State puts $109 million in rainy day fund

Wisconsin will soon be making its largest deposit ever into the state’s rainy day fund. The Department of Administration says Wisconsin will deposit just under $109 million the fund, the largest contribution in state history and the first time the state has put money into the fun in consecutive years.

A fiscal report from DOA indicates the state finished its fiscal year at the end of June with a positive fund balance of over $342 million, which was largely the result of state tax collections exceeding expectations and efforts to reduce spending in the last state budget.

Governor Scott Walker says the news is a sign the state is managing its budget wisely and will avoid burying the next generation under a mountain of crippling debt.