The Legislative Fiscal Bureau (LFB) released a revised estimate of the gross general fund balance at the end of the 13-15 biennium. The LFB revised its projected June 30, 2015, state general fund balance to more than $1 billion, an increase of $911.9 million. This revised increase is due to increased estimated tax collections, increased estimated lapses to the general fund, decreased departmental revenues, and decreased expenditures.
Thanks to Governor Walker and the legislature, Wisconsin is on the right economic path. A projected $892.7 million increased estimated tax collections show reforms enacted by the legislature spurred economic growth in Wisconsin. Reducing taxes and spending stimulates the economy and increases growth.
The estimated $911.9 million in anticipated revenue is the latest example of the consequences of the legislature’s responsible approach to finances. During October 2013, the legislature approved and the Governor signed into law, $100 million property tax relief. That property relief is in addition to the nearly $650 million income tax reductions in the 2013-2015 budget.