On July 5, Gov. Evers announced his signing of 2023 Act 19, the Wisconsin state budget for the 2023-25 fiscal biennium, which began July 1. The two-year budget, assembled by the Republican-led Joint Committee on Finance, appropriates $97.4 billion. For comparison, the 2021-23 budget allocated $87.5 billion.
The final version of the budget bill passed the Senate on June 28 by a vote of 20-13. Two Republicans, Sens. Hutton and Nass, joined all 11 Democrats in voting against the bill. The Assembly approved the bill along party lines (63-34) on June 29, and it was presented to Gov. Evers the following day.
According to this memo, the state is projected to have a balance of just over $4 billion at the end of the 2024-25 fiscal year. The budget as passed by Legislature had a projected ending balance of $588 million. Most of this difference is due to Gov. Evers’ partial veto of individual income tax reductions and related tax withholding table updates (totaling $3.3 billion in revenue).