Wisconsin is on track to end the next two years with an extra $1.7 billion in the bank.
The Legislative Fiscal Bureau on Monday said the current state budget, written by Republicans and signed by Gov. Tony Evers, will wrap-up with the state’s largest surplus ever.
CJ Szafir, president of The Institute for Reforming Government, said taxpayers need to appreciate just how much money Republicans have saved them over the past decade.
“Surpluses generally are rare. And surpluses of this size are a generational game changer,” Szafir told The Center Square. “At this rate, the next budget, crafted by either Gov. Evers or a Republican successor, will have a nice fiscal cushion for massive reforms.”
The news about the surplus is just the latest good economic news for the state. Back in June LFB reported that Wisconsin will see $4.4 billion in extra revenue during the new two-year state budget. Much of that money was dedicated to tax cuts.
Szafir said the $1.7 billion in surplus could be spent the same way, or for other pro-growth policies.
“The surplus provides a generational opportunity to reform state government and change government dependence away from endless taxpayer resources. It needs to be used wisely,” Szafir said. “Everyday Wisconsinites appreciate more money in their pockets, better schools, and the freedom to determine what is best for their families.”
The latest LFB report also states that Wisconsin’s budget stabilization fund will hit $1.5 billion at the end of the current state budget. Another sign of just how strong the state is set to be.
“Surpluses can be the norm for Wisconsin, as long as common sense, Wisconsin, conservative values prevail.,” Szafir added. “Even the governor recognized these values when he signed the budget.”