Wisconsin budget faces $824 million hole
New report on state finances released Friday
MADISON, Wis. — Wisconsin’s state budget would be $824 million short just to continue the current level of services.
That is according to a new analysis released Friday by the nonpartisan Legislative Fiscal Bureau.
It looked only at what it would cost the state to continue funding levels over the next two years at their current levels, making no concessions for expenses like new tax cuts or potential cuts that would save money.
The state constitution requires the Legislature to pass a balanced budget. Gov. Scott Walker is in the process of putting together his tax and spending plan for the next two years, which he will introduce to the Legislature early next year.
New revenue estimates will be released next month, which could improve or worsen the state’s budget picture.