A report released yesterday by the Wisconsin Department of Administration (DOA) estimates the state will have a gross general fund balance of approximately $4.0 billion at the end of the current fiscal year. This figure does not include the $1.9 billion plus balance in the state’s budget stabilization (“rainy day”) fund, which continues to be at a record-high level.
The Department of Revenue (DOR) provided updated tax revenue estimates, which are based on current state and federal tax laws. The new tax revenue estimates, which can be found in the report and are expected to rise modestly throughout the next biennium, include:
- $683.1 million in state tax revenue increases in FY 2024-25 (3.2 percent increase over FY 2023-24) for a total revenue estimate of $22.013 billion
- $644.5 million in state tax revenue increase in FY 2025-26 (2.9 percent increase over FY 2024-25) for a total revenue estimate of $22.657 billion, and
- $382.7 million in state tax revenue increase in FY 2026-27 (1.7 percent increase over FY 2025-26) for a total revenue estimate of $23.040 billion.
The DOA report includes a detailed fiscal overview of state agency budget requests that were submitted to Governor Evers for consideration in his 2025-27 executive budget. The Governor directed most state agencies to submit biennial budget requests that did not seek to increase GPR-funded expenditures in future fiscal years. The 2025-27 Executive Budget will be released in early 2025.