« Article on Voucher Schools “Shocks the Conscience” | Home | Walker, Burke Sharpen Contrast on Vouchers »
State May Need A Budget Repair Bill
By Wisconsin School Administrators Alliance staff | September 4, 2014
From WisPolitics . . .
The state may need a budget repair bill before the current fiscal year is up unless its finances improve, according to the Legislative Fiscal Bureau.
Still, the nonpartisan budget arm of the Legislature noted the Walker administration can rein in spending. The LFB also said a better picture of the state’s finances won’t be available until October, when the administration releases a more comprehensive report on fiscal year 2013-14.
The Department of Revenue reported last week tax collections for 2013-14 were $281.2 million below estimates. The administration is required to introduce a budget repair bill if expenditures exceed collections by more than 0.5 percent and the shortfall can’t be addressed through tools available to DOA. But because of a projected balance of $443.2 million in the general fund for 2013-14, that trigger won’t be hit for the first year of the biennium.
However, current projections show a shortfall of $115.8 million for 2014-15, exceeding the 0.5 percent threshold of $79.2 million.
The Walker administration has said it plans to manage the current shortfall through available tools. If revenues improve over current projections, that could also eliminate the need for a repair bill.
Read the memo here.
Topics: SAA Capitol Reports, SAA Capitol Reports with Email Notifications, SAA Latest Update | No Comments »
Comments are closed.