Wisconsin state tax collections over the next three years are projected to come in more than three-quarters of a billion dollars lower than expected, according to a new report from the Legislative Fiscal Bureau.
Republican lawmakers say the revised projections further underscore their efforts to remake a more fiscally responsible biennial budget out of Democrat Governor Tony Evers’ big-spending proposal.
University of Wisconsin President Jay Rothman said the “war for talent” is driving his vision for the school, which he says is necessitating both a tuition increase and a request for $200 million more in the next state budget.
Rothman told WisPolitics’ Newsmakers program that Wisconsin must do both in order to compete in that war.
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.
According to a new prediction from the Legislative Fiscal Bureau, Wisconsin’s projected budget balance will be approximately $2.9 billion higher than initially forecasted.
The funds, which are a result of unexpected tax revenue and coronavirus relief funds from the federal government, will force leaders to decide what to do with the additional funds.