News of the Day October 16, 2024
State of Wisconsin Ends Fiscal Year 2024 with $4.6 Billion Surplus

Yesterday, the Wisconsin Department of Administration (DOA) announced the state of Wisconsin ended Fiscal Year (FY) 2024 with a positive balance of $4.6 billion. In addition, the state saw its ‘rainy day’ fund (Budget Stabilization Fund) increase to a record-high $1.9 billion, according to the new Annual Fiscal Report released by DOA.

“We’re proud of the prudent fiscal management that the state of Wisconsin continues to demonstrate under the guidance of Gov. Evers, year in and year out,” said DOA Secretary Kathy Blumenfeld. “Ending the year with a healthy reserve and record high rainy-day fund positions us well for the future and being able to respond to the needs of the people of Wisconsin.”

The full FY 2024 Annual Fiscal Report, which ended on June 30, 2024, is available here, and noteworthy items include:

• The state’s undesignated general fund balance at the end of FY 2024 was $4.6 billion. While the ending balance is $821.3 million higher than estimated, budget figures for FY 2024 included a $423.3 million transfer from the state General Fund to the Capital Improvement Fund that will occur in FY 2025.
• The current Budget Stabilization Fund balance increased to $1.9 billion, the largest figure in the state’s history and over $1.5 billion higher than the balance at the end of FY 2018.
• State general fund tax collections in FY 2024 increased by 1.7 percent over the prior year and were 1.3 percent higher than estimated.