State Revenues Higher Than Anticipated

The Department of Revenue has released the preliminary data on general fund tax collections for the 2011-12 fiscal year. According to the Department, collections totaled $13,514,626,000 in 2011-12, which is an increase of 4.7% from the prior year and .9% more than was projected in May.

A DOR chart summarizing the collections indicates all revenue streams are up except general sales and use tax, with the largest increase coming from individual income taxes.

If current spending estimates hold, the state of Wisconsin is headed for an unexpected budget surplus of about $274 million for the current 2011-13 budget cycle. Wis. Stat. § 16.518(3) require that half of any surplus must be deposited in the state’s Budget Stabilization Fund, aka the Rainy Day Fund.

Final numbers showing how much money was actually spent will be published in an annual report released in mid-October.