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State Revenues Beat Original 2019-20 Projections
By Wisconsin School Administrators Alliance staff | August 31, 2020
From WisPolitics.com …
Despite a COVID-19 pandemic that roiled the state’s economy for the final quarter of the year, the state still took in more tax revenue in 2019-20 than originally expected when the budget was signed more than 13 months ago, according to the Legislative Fiscal Bureau.
The $17.5 billion the state collected was $211.8 million more than what LFB had estimated when Gov. Tony Evers signed the budget in July 2019. That means half of the extra revenue — about $105.9 million — will go into the state’s budget stabilization fund.
Prior to the pandemic, the LFB in January had upped its revenue projections for 2019-20 compared to its original estimates due to a bustling economy. The final tally on collections in today’s memo was down just $112.6 million from the rosier projections in January, a difference of 0.6 percent.
Today’s analysis of the 2019-20 collections was delayed as the tax filing deadline was pushed back to July 15.
A final accounting of the fiscal year, including expenditures, will be conducted in October once final spending numbers are in.
Read the memo here.
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