November 26, 2014

State surplus larger than expected

The state ended its fiscal year with a bigger surplus than originally expected. Figures released Monday by the Department of Administration show Wisconsin wrapped up its 2013 fiscal year in June with a surplus of just over $759 million, which is about $90 million more than what state officials estimated the surplus would be in August.

Most of the money is the result of state revenues growing more than expected. Of the surplus, about $153 million will be placed in the state’s rainy day fund.

Governor Scott Walker says the larger surplus is another sign of the benefits brought on by the “tough, but prudent, decisions” being made in state government. However, Senate Democratic Leader Chris Larson argued it’s more than likely linked to the $800 million in cuts to education made by Republicans in the 2011 budget.