MADISON — New projections show the state will finish the 2015-17 budget with less money than expected.
The Legislative Fiscal Bureau released forecasts Thursday showing the state will finish the biennium $70.2 million in the black. That's down dramatically from previous projections that showed the state would finish with $164.5 million.
The fiscal bureau said the reduction results from a decrease of nearly $160 million in estimated tax collection and a $29.5 million decrease in lapses to the general fund.
Fiscal Bureau Director Bob Lang said the projections don't include the $6 million cost of a bill Gov. Scott Walker is expected to sign overhauling the state's civil service system. After the governor signs the measure, the balance will shrink to about $64 million.
Governor Scott Walker released the following statement about the updated projections: