Report: State collected $71 million more in taxes than anticipated during last fiscal year
MADISON -- A new report shows the state collected about $71 million more in taxes during the last fiscal year than anticipated.
The Legislative Fiscal Bureau released figures Wednesday, August 26th showing the state took in about $14.54 billion during the year that ended June 30th. The final estimate for 2014-15 collections in January projected the state would take in about $14.47 billion.
The report shows much of that increase was attributable to a bump in corporate income and franchise tax collections. They came in about $70 million higher than projected.
The $71 million will go to increase the opening general fund balance for the 2015 to 2016 fiscal year, which began July 1st.