Wisconsin Budget Surplus Expected To Grow To $6.5B Over Fiscal Year

WISCONSIN — Wisconsin's budget surplus is expected to grow to over $6.5 billion in 2023, the state's Department of Administration announced Monday.

When the 2021-2022 fiscal year closed in June, the state marked a record budget surplus of nearly $4.3 billion, the DOA said, not to mention the $1.7 billion in a rainy day fund.

The high opening balance for the current year is over seven times the balance in 2018, according to a report sent to the governor and state legislature from DOA Secretary-designee Kathy Blumenfeld. As the surplus continues to grow, state revenue has moderately increased, according to the DOA.

If the trend continues, the budget surplus could grow to over $9.7 billion by the time the 2024-2025 fiscal year ends. Governor Tony Evers, a Democrat, said in part that its the "strongest financial position we've ever been in with unemployment at historic lows and a strong pandemic recovery."

You can see the full report on the expected surplus from the DOA's website.