Gov. Evers Announces Paying Down of General Fund Annual Appropriation Bonds

Madison, Wis. – Gov. Tony Evers today announced the paying down of General Fund Annual Appropriation Bonds tied to tobacco settlement revenues.  2023 Wisconsin Act 19 included $400 million to pay down these existing bonds.

By leveraging the current interest rate environment, the Department of Administration (DOA) was able to retire $415 million of debt, resulting in future debt service savings for Wisconsin taxpayers of over $455 million.

“I’m proud of our efforts to make smart, strategic investments and our work to pay down outstanding debt to save Wisconsinites in the long run,” said Gov. Evers. “Paying off these bonds quickly is the right thing to do to continue building upon our administration’s efforts to be responsible and prudent with Wisconsin taxpayer dollars and maintain our economic momentum.”

“This action will realize long-term debt savings and demonstrates the Evers Administration’s ongoing prudent fiscal management efforts on behalf of Wisconsin taxpayers,” added DOA Secretary Kathy Blumenfeld.

DOA targeted bonds that provided the most debt service savings.  This will provide the State the flexibility and ability to pay down additional bonds as part of the 2025-27 biennial budget process.

These bonds were initially issued in 2002 in the amount of $1,591,095,000.

Additional information may be available on the Wisconsin Capital Finance Office website.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.