Gov. Scott Walker: Wisconsin wraps up 2017-18 fiscal year with $588M surplus

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MADISON, Wis. (WITI) - Governor Scott Walker announced on Thursday, Dec. 20 that Wisconsin ended the 2017-18 fiscal year with a $588.5 million surplus, according to the state’s 2018 Comprehensive Annual Financial Report (CAFR) issued by the Wisconsin Department of Administration (DOA).

In a news release, the governor issued the following statement:

“We are leaving Wisconsin in the best financial condition in a generation. This is part of our legacy and it will continue to drive Wisconsin forward.”

Highlights of the state’s financial condition include:

• Wisconsin has ended every year with a budget surplus under Governor Walker. The state ended fiscal year 2018 with a positive balance of $588.5 million based on cash accounting.

• The state deposited $33.1 million into the state Budget Stabilization Fund. The balance is now $320.1 million. This is the largest balance in state history and 190 times larger than the balance in fiscal year 2010.

• General fund tax collections were $18.4 million above estimates. The growth was $626 million or 4 percent over last year. Individual income taxes were $99.2 million higher than estimated.

• State expenditures were $174 million less than budgeted in 2018.

The latest CAFR GAAP report for the state of Wisconsin is available for viewing by CLICKING HERE.