Gov. Evers, DOA Report $4 Billion Surplus, Moderate State Revenue Increases, and Record High ‘Rainy Day’ Fund Balance

Madison, Wis. – A report released today 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.

“We’ve worked hard to be fiscally prudent and reduce our state’s debt where we could while still making smart, strategic investments in needs and priorities that have long been neglected. We must continue to balance these important obligations in our next biennial budget and stay within our means while continuing to make the critical investments we need to maintain our economic momentum,” said Gov. Evers. “Our state and our economy remain in good shape thanks in no small part to the work Wisconsinites have done together these past five years, and I look forward to building upon our efforts in my next biennial budget in 2025.”

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.

“We’re seeing continued positive impact from Governor Evers’ dedication to prudent fiscal management,” said DOA Secretary Kathy Blumenfeld. “As this report lays out, we have a strong financial outlook going into 2025.”

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.

The full copy of the report is available on the DOA state finances page.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.