New revenue numbers show WI predicted surplus of $560 million

MADISON (WITI) -- The state's Legislative Fiscal Bureau released updated revenue projections on Thursday, May 9th, and predicted a $560 million surplus. Meanwhile, Chief says Wisconsin is the 17th best state for business.

Governor Scott Walker released the following statement in reaction:

"The projected $560 million surplus is good news for the people of Wisconsin.  Our sound fiscal management means we can continue to invest in our priorities while protecting taxpayers.  

The surplus and increased revenue projections should be invested in aid for our schools, lowering income taxes for middle-class families, holding the line on property taxes, and building our rainy day fund. 

Wisconsin’s economy is growing, and our tough, but prudent, decisions mean we are better off than we were two years ago."

Senate Majority Leader Scott Fitzgerald (R - Juneau) issued the following statement on the updated revenue projections released by the Legislative Fiscal Bureau that show the state will bring in over $500 million more than expected:

“These latest projections from the LFB, especially the income tax collection numbers, are proof our reforms are working and people are going back to work in Wisconsin. We’ve kept our promise to not raise taxes and cut spending and now we are reaping the benefits. 

We are looking at options for the extra revenue and will consult with the Joint Finance Committee on areas that could use additional resources.  Our priorities will remain the same to make sure Wisconsin continues to move forward towards economic growth and prosperity by keeping taxes low, promoting job growth throughout the state, and educating the next generation.”

Co-chair of the budget-writing Joint Committee on Finance, State Senator Alberta Darling (R - River Hills) issued the following statement after revenue estimates from the non-partisan Legislative Fiscal Bureau show tax revenues have improved by more than $500 million.

"The much improved revenue numbers show our reforms are working and the state's economy is improving. However, a good portion of the increased revenue is from one-time funding sources. We must continue to be good stewards of the taxpayer's money and continue to carefully and responsibly craft the state budget. It is my hope that we can look for ways to improve educational opportunities for our children, lower the tax burden on our citizens and businesses, and prevent a structural deficit."