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.
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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.
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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.
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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.
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