budget surplus Archives - Tennessee Star

Arizona Bill Would Require a State Income Tax Cut After Budget Surplus Years

February 25, 2023February 24, 2023 The Center Square

Arizona taxpayers could soon get half of the state’s annual surplus of funds sent back to them as an income tax cut the following year.

The state Senate passed SB 1577 Wednesday afternoon. Sponsored by Chandler Republican Sen. J.D. Mesnard, the bill would require the Joint Legislative Budget Committee to assess state revenue numbers. If the committee certifies an ongoing surplus after accounting for population increases and inflation, the Department of Revenue must cut the individual income tax rate to lower revenue by 50% of that surplus.

Wisconsin Budget Surplus to Top $7 Billion by July

January 29, 2023January 28, 2023 The Center Square

Wisconsin’s record budget surplus is growing once again.

The Legislative Fiscal Bureau on Wednesday said the surplus will now hit $7.1 billion by July.

Teachers Union Wants $5 Billion from Minnesota’s Budget Surplus

December 13, 2022December 12, 2022 Admin

The state’s teachers union, a top ally of and donor to Minnesota Democrats, who now control the whole of state government, said it wants a $5 billion chunk of the budget surplus.

Minnesota Management and Budget announced in an economic forecast this week that state lawmakers will have a projected $17.6 billion surplus to work with when crafting a budget for the 2024-2025 biennium next session. That’s up from an estimated $9.2 billion surplus projected in February.

Minnesota Projects $17.6 Billion Surplus

December 8, 2022December 8, 2022 The Center Square

Minnesota’s Management and Budget estimate a general fund budget surplus of $17.6 billion for the fiscal year 2024-25 biennium.

“Strong collections and lower-than-projected spending add to the FY22-23 surplus,” the agency said. “Economic headwinds lower expected growth but large leftover surplus and healthy net revenues in FY24-25 create estimated $17.6B available for budget.”

Tennessee Legislature Votes to Grow State Government $3 Billion and 16 Percent More than the Growth of Tennesseans’ Incomes

April 22, 2022April 21, 2022 Laura Baigert

Members of the Tennessee General Assembly overwhelmingly passed a bill Thursday that acknowledges that the growth in state government this year exceeds the growth of Tennessean’s income by $3 billion, or 16 percent.

The action by the legislature is mandated by the Tennessee Constitution in Article II, Section 24 when state spending grows faster than its economy.

The measure, commonly known as the Copeland Cap, was named for its House sponsor of the constitutional amendment, the late Republican State Representative David Copeland of Ooltewah, who passed away in 2019.

Minnesota Governor Proposes Using Budget Surplus for Stimulus Checks for Taxpayers

April 1, 2022March 31, 2022 The Center Square

Many Minnesota taxpayers would receive stimulus checks under a bill Assistant Majority Leader State Rep. Dan Wolgamott, DFL-St. Cloud, introduced Tuesday.

Single filers and married individuals who filed a separate return would receive $500, and married couples filing jointly or individual head of household filers would receive a one-time payment of $1,000. The stimulus checks could start arriving in mailboxes by late summer, a news release from Wolgamott’s office said.

State Representative Jerry Sexton: ‘We Need to Get Back to a Representative Government and Quit Letting the Lobbyists and These Big Organizations Take over Our State House’

February 3, 2022February 2, 2022 Julie Carr

Wednesday morning on The Tennessee Star Report, host Leahy welcomed State Representative Jerry Sexton in studio to talk about his re-election, K12 education, and agreeing that the federal government should keep their education money.

Senator Rick Scott Labels Biden’s COVID Relief Funds as ‘Irresponsible’

January 24, 2022January 23, 2022 Cooper Moran

Senator Rick Scott (R-FL) questioned coronavirus relief policies enacted by President Biden and congressional Democrats, labeling the added spending as “irresponsible.”

According to Scott, the funds, which were enacted through legislation passed last year, add to the levels of inflation throughout the country and waste taxpayer funds.

Tennessee State Rep. Griffey Files Bill to Repeal Gas Tax

December 16, 2021December 16, 2021 Peter D'Abrosca

A member of the Tennessee State House of Representatives filed a bill Wednesday to repeal the state’s gas tax.

“The working people of Tennessee are getting hammered by inflation and horrendous energy policy that has caused gas prices to sky rocket! All thanks to the I’m competence of Joe Biden and the Democrats in DC,” Rep. Bruce Griffey (R-Paris) told The Tennessee Star. “Tennessee is currently running monthly budget surpluses is in the hundreds of millions of dollars over projected budgeted revenues. This gas tax repeal is a way to try to help working Tennesseans and all those Tennesseans paying bother prices at the pump.

Tennessee Finishes 2020-2021 Fiscal Year with a $3.1 Billion Budget Surplus

August 14, 2021August 14, 2021 Laura Baigert

The State of Tennessee finished the 2020-2021 fiscal year with a $3.1 billion surplus in revenues, as compared to the budgeted estimates, Tennessee Department of Finance and Administration Commissioner Butch Eley reported Friday.

After adjusting for the increased revenue estimate of $1 billion recommended by the Funding Board in November 2020 and passed by the General Assembly on April 29, Eley announced total tax receipts for fiscal year 2020-2021 are $2.1 billion more than the budgeted estimates.

Michigan Projects Multibillion-Dollar Budget Surplus

May 24, 2021May 23, 2021 The Center Square

Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.

The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.

A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.

Despite COVID Lockdowns, Georgia Revenue Up $2.5 Billion

May 13, 2021May 12, 2021 Cooper Moran

Instead of a predicted deficit, Georgia’s total revenue increased by $2.5 billion, according to a statement released by Governor Brian Kemp’s office.

Many state elected officials predicted significant budget shortfalls due to a partially-closed economy because of the COVID-19 pandemic and subsequent lockdowns.

“Year-to-date, net tax collections totaled $21.74 billion for an increase of nearly $2.51 billion, or 13.1 percent, compared to the previous fiscal year when net tax revenues totaled $19.23 billion after ten months,” the statement read.

Tennessee’s December Revenues Yield a $156.4 Million Surplus

January 12, 2021June 9, 2021 Laura Baigert

The state’s revenue collections for the month of December were higher than budgeted yielding a $156.4 million surplus, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Monday.

On an accrual basis, December marks the fifth month of the 2021-2022 fiscal year.

Minnesota’s Projected Budget Surplus Increases $181 Million in New Forecast

February 28, 2020February 27, 2020 Anthony Gockowski

Minnesota Management and Budget’s annual February economic forecast projected a budget surplus of $1.513 billion for the 2020-21 budget cycle.

Senate Republicans Unveil Plan to Return Budget Surplus to Minnesota Taxpayers

February 21, 2020February 20, 2020 Anthony Gockowski

Minnesota Senate Republicans unveiled their “Get Your Billion Back” plan Thursday, a package of tax cuts worth more than $1 billion.

House DFL Unveils Bill to Use Nearly $500 Million of Budget Surplus for Early Childhood Education

February 16, 2020February 15, 2020 Anthony Gockowski

Minnesota House DFLers unveiled their “Great Start for All Minnesota Children Act” this week, a nearly $500 million investment in early childhood education.

Minnesota Senator Suggests Using Budget Surplus to Give Rebates to Taxpayers

January 5, 2020January 4, 2020 Anthony Gockowski

A Republican state senator recently suggested using Minnesota’s estimated budget surplus of $1.3 billion to give a rebate “directly to taxpayers.”

State House Rural Caucus Meets to Discuss Issues Unique to Their Districts

September 2, 2019September 1, 2019 Laura Baigert

NASHVILLE, Tennessee – The first meeting of Tennessee House of Representatives members interested in issues related to rural districts was organized by Representative Bruce Griffey (R-Paris) and attended by nearly three dozen legislators.

While July Revenues Were Lower Than Budgeted, The State Ends Up with a $636.1 Million Surplus for the Year

August 27, 2019August 27, 2019 Laura Baigert

The Commissioner of the Tennessee’s Department of Finance Administration Stuart McWhorter announced August 15 that, while state tax revenues were below budget for the month of July, Tennessee will end fiscal year 2019 with a surplus of $636.1 million.

With One Month Remaining in the Fiscal Year, Tennessee’s Budget Surplus Is Now Up To $649 Million

July 21, 2019August 3, 2019 Laura Baigert

Department of Finance and Administration Commissioner Stuart McWhorter announced Wednesday that Tennessee’s June revenues were $92.5 million more than the state budgeted for the month, resulting in a total budget surplus of $649.2 million with just one month remaining in the 2018-2019 fiscal year. The state’s revenue collections of…

Ten Months Into the Fiscal Year, Tennessee’s Revenues Exceed Estimates by $556.7 Million

June 23, 2019June 22, 2019 Laura Baigert

A press release issued Friday by Department of Finance and Administration Commissioner Stuart McWhorter announced that Tennessee’s May revenues were $46.3 million more than the state budgeted for the month. Also reported was that total tax collections by the state so far this year exceeded the estimates by more…

Despite Budget Surpluses, Tax Increases Still Debated in Minnesota as May 20 Deadline Looms

May 17, 2019May 16, 2019 Admin

by Bethany Blankey Joint conference committees continue to hash out differences with the hope of reaching the May 20 deadline and closing a $2 billion gap between conflicting budget priorities. Still up for discussion in the Minnesota legislature are proposed fees on drug distributors and manufacturers to pay for…