The Department of Administration (DOA) released its fiscal report for FY14, and reported that state expenditures are less than budgeted, and tax revenues are below budget projections.
The report detailed that while $14.8 billion was appropriated in the budget, actual expenditures came in at $68 million less than appropriated. Tax revenues for FY14 were also reported at $13.9 billion, compared to the projected $14.2 billion, or just one percent lower than the anticipated tax revenues for the first year of the 2013-2015 biennium.
In total, the unencumbered balance carried into FY15 comes up short by $207 million. To maintain a balanced budget this fiscal year, state agencies or legislative action prior to June 30, 2015 will have to make up the difference through agency spending restraints, or unanticipated revenue growth.
State ends fiscal year with $517 million on hand: Milwaukee Journal Sentinel, Oct. 15, 2014