On September 1, 2016, the Wisconsin Department of Revenue released the latest general fund (GPR) tax collection numbers for the 2015-16 fiscal year (FY 2016), which ended on June 30, 2016. The latest numbers are based on preliminary reports and show a 3.8 percent increase over the 2014-15 (FY 2015) revenue numbers.
The report shows FY 2016 revenues totaling $15.1 billion. This is $85 million less than the Legislative Fiscal Bureau (LFB) estimated in January 2016. General sales and use, insurance and excise taxes were higher than the LFB estimated numbers. However, individual income, corporate income and franchise and public utility taxes came under the projected numbers, resulting in the overall difference of $85 million.
Despite not meeting the LFB estimate, the state is expected to end the 2015-17 biennium with a $87 million budget surplus, according to LFB Director Bob Lang. FY 2016 is projected to end with a $241 million budget surplus, after adjusting for the $85 million. The 2015-17 biennium ends on June 30, 2017.
In mid-October, the state will provide the final revenue numbers for 2016 in its Annual Fiscal Report. Be sure to visit the Hamilton Consulting 2017-19 Budget Issue Page for all budget resources!