A fund that pays for Wisconsin’s unemployment benefits ended the previous fiscal year with a positive balance for the first time in six years.
A report from the state Legislative Audit Bureau shows the Unemployment Reserve Fund grew from negative $208.4 million at the end of June 2013 to $329.4 million as of June 30, 2014. It’s the first time the fund reported a positive year-end balance since the state’s 2007-08 fiscal year.
Auditors cited a drop in unemployment, along with a one-week waiting period to claim benefits. Other factors included higher unemployment taxes for companies and a reduction in benefits from 86 weeks in the 2012 fiscal year to 26 weeks last summer.