State Ends Fiscal Year with $588.5 Million Balance

Wisconsin ended the most recent state fiscal year with a positive balance of $588.5 million and grew the state Budget Stabilization Fund to a record-high $320.1 million, according to the new Annual Fiscal Report released today by the state Department of Administration (DOA).

“The tough, prudent financial decisions and common-sense reforms that have supported job creation and led to record-low unemployment in Wisconsin, have also contributed to our state’s budget ending the most recent fiscal year in excellent shape,” DOA Secretary Ellen Nowak said. “The balance is over $41 million higher than was recently estimated, and this is in part due to higher-than-expected state revenues, which is great news as we look ahead to the next budget cycle.”

Highlights from the state’s Fiscal Year 2018 Annual Fiscal Report include:

  • The undesignated general fund balance at the close of fiscal 2018 (June 30, 2018) was $588.5 million, slightly higher than the previous fiscal year’s balance of $579 million.  The balance is $41.2 million more than was estimated when the 2017-19 legislative session ended.
  • The state deposited $33.1 million into the state Budget Stabilization Fund.  The balance is now $320.1 million.  This is the largest balance in state history and 190 times larger than the balance in fiscal year 2010.
  • General fund tax collections were $18.4 million above estimates.  The growth was $626 million or 4 percent over last year.  Individual income taxes were $99.2 million higher than estimated.
  • State expenditures were $174 million less than budgeted in 2018.