A Department of Revenue report released Wednesday shows Wisconsin took in $126.6 million more in general-purpose tax revenue during the 2011-2012 fiscal year than projected, a number that could prove historic.
Department of Administration Secretary Mike Huebsch said in a statement he expects to report the largest transfer of money to the Budget Stabilization Fund in Wisconsin’s history if Gov. Scott Walker’s administration meets projected costs.
The Budget Stabilization Fund, known as the “rainy day fund,” requires that half of the surplus revenue be set aside to help during fiscally troublesome times.
If Wisconsin spends as much as it expects, the state would end the biennial budget with a $274.1 million surplus, half of which would go to the rainy day fund under state law.
“After years of record budget deficits, we are clearly headed in the right direction,” Huebsch said in the statement. “However, fiscal stewardship does not take a break.”
The final Annual Fiscal Report for 2011-12 will be released by Oct. 15.
