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Dems, GOP Fight It Out Over Revenue Numbers
By Wisconsin School Administrators Alliance staff | August 29, 2014
From WisPolitics…
Dems are calling the latest revenue figures a sign the state’s budget is in “crisis,” while Republicans are stressing the state still has a surplus even after revenues fell below expectations by $281 million last year.
Both sides are fighting it out over the latest Department of Revenue numbers. The Legislative Fiscal Bureau had projected revenue growth of 1 percent for 2013-14 even with the Republicans’ tax cuts and withholding table changes factored in. That would have amounted to an increase in revenue of $143.6 million. Instead, revenues came in $137.5 million below collections for the previous year.
The state was projected to end the fiscal year on June 30 with a net balance of $659 million. While the declining revenue numbers will likely drop that, the full picture of the state’s finances won’t be known until this fall. That’s when the Walker administration will add in expenditures to the revenue side.
Without improved revenue collections or spending cuts, the state could face a deficit at the end of the current two-year budget cycle on June 30, 2015.
The Walker administration says a budget repair bill isn’t needed and expects to manage the drop in revenues by reining in expenses and other measures.
See the DOR release here.
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