Wisconsin’s annual financial report records $4.5 billion budget surplus

by Baylor Spears, Wisconsin Examiner
December 21, 2024

Gov. Tony Evers announced Friday that Wisconsin’s Annual Comprehensive Financial Report, which is published by the Department of Administration, recorded a $4.5 billion positive balance in the state’s general fund at the end of the 2023-24 fiscal year. 

In addition to the general fund, the state’s Budget Stabilization Fund — or “rainy day” fund — ended the fiscal year at the highest level in state history with a balance of $1.9 billion. The rainy day fund has set a new record every year since Evers took office in 2019.  

“For thirty consecutive years, our state’s checking account ran at a deficit. Thanks to our efforts to pay down our state’s debt and work across the aisle to be good stewards of taxpayer dollars, Wisconsin has never had a deficit since I took office,” Evers said in a statement. “This is great news for the people of Wisconsin and our state’s economy.” 

The balance in the general fund — a budget surplus — will likely be a major point of discussion next year as Evers and lawmakers begin work on the state’s next two-year budget.

Writing the state budget is a process that will take several months as Evers first gets to present his budget proposal to lawmakers, then the state’s Joint Finance Committee will write its own version. The budget bill will need to pass the Senate and Assembly before going to Evers to be signed.

“As we begin the important work of deliberating our state’s next two-year budget, we have a responsibility to keep staying well within our means while still investing in needs that have long been neglected,” Evers said. “We must continue to make the smart, strategic investments we have for the last five years to maintain our economic momentum and ensure Wisconsin’s continued stability and success.”

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