Wisconsin’s general fund tax collections for the 2020-21 fiscal year have come in $319 million, or 1.7%, higher than previously estimated, according to a new report from the nonpartisan Legislative Fiscal Bureau.
The new state Department of Revenue data indicate that actual tax collections for the previous fiscal year, which ended June 30, were 11.6% higher than the previous year, according to preliminary estimates. The latest estimate further underscores Wisconsin’s overall financial well-being, thanks in part to a massive influx of federal funds over the course of the ongoing COVID-19 pandemic, which has seen case numbers climbing in recent weeks due to the more contagious delta variant.
Previous estimates were published June 8, while final tax collection figures will be available in mid-October.
Democratic lawmakers attributed the latest estimates to the COVID-19 response efforts of Gov. Tony Evers and President Joe Biden, while Republican leaders of the state budget committee pointed to conservative budgeting by the GOP-controlled Legislature, including a more than $2 billion income tax cut in the current budget.
Assembly Minority Leader Gordon Hintz, D-Oshkosh, said in a statement the increased revenue provides the chance to increase state spending, primarily on education, after Republicans stripped hundreds of items from Evers’ 2021-23 biennial budget, which the governor ultimately signed in July.
The Legislative Fiscal Bureau last month estimated the current two-year budget will produce a roughly $1.7 billion surplus in June of 2023, when the budget expires.
“It is remarkable that with continued strong economic news the Republican Legislature could add almost zero new funding for K-12 public school classrooms,” Hintz said. “Today’s news should serve as another opportunity to invest in our future at a time of increased need so local school districts are not forced to make cuts or ask voters to raise property taxes.”
The largest portion of the $319 million increase came in the form of corporate income taxes, which came in nearly 10%, or about $230 million, higher than previous estimates.
Under state statute, half of any excess of general fund tax collections must be deposited into the budget stabilization fund, a rainy day fund to be tapped in times of emergency. According to the latest report, an estimated $967.4 million will be transferred into the fund for the previous fiscal year, bringing the fund to an estimated $1.73 billion.
“Thanks to Republican leadership, the last several budgets have built the state’s Rainy Day Fund to more than $1.7 billion — all while investing in our strategic priorities,” budget committee co-chair Sen. Howard Marklein, R-Spring Green, said in a statement. “We provided significant funding for education, made investments in our roads and infrastructure, and focused on providing access to high quality, affordable health care while planning for the future and cutting taxes.”
Last week, Kroll Bond Rating Agency upgraded the state’s long-term rating for general obligation bonds from AA+ to AAA, citing Wisconsin’s “substantial liquidity, evidenced by a near tripling of budget reserves over the past three years; continuing, healthy revenue growth, despite substantial tax cuts; and an ongoing, post-COVID-19 recovery, fueled by a mature and expanding economy and favorable business climate.”
Wisconsin’s AAA rating from Kroll Bond Rating Agency is the first time the state’s underlying bond rating has reached the AAA level since 1982.
Year in review: The top Madison-area stories of 2020
It started out well enough. The Badgers were making a late-in-coming run at the Final Four. Hometown insurance behemoth American Family announced it was boosting its starting minimum wage to $20 an hour. Madison East Siders welcomed a new Pinney branch library.
The first two and a half months of the year feel like a different era, when news of a strange new virus infecting people in China was safely tucked away in the back pages of the newspaper and the heart-breaking images of a white Minneapolis police officer kneeling on the neck of a 46-year-old Black man had yet to go viral.
Then came March and successive waves of closures, cancellations, lockdowns, furloughs, layoffs, infections and deaths. If the subsequent uprisings over the killing of George Floyd weren't enough to remind America that it has plenty of work to do to overcome racism, the shooting of Jacob Blake in Kenosha tragically emphasized the point. And a divisive presidential election carried the tone of the year at the end.
While it may not be a year to look back on with particular fondness, 2020 no doubt is one to remember. Here's a look back at some of the top stories in the Madison area as they occurred.
It marked the fourth consecutive loss in the Rose Bowl for UW, and the first time since 2013 that the program lost its final two games of the year.
Madison police spokesman Joel DeSpain said Sunday the victim who officers found in an apartment at 1905 McKenna Blvd. shortly after 2:30 p.m. Saturday was a 20-year-old African American male.
With the Green Bay defense failing to lay a hand on 49ers running back Raheem Mostert for much of the first half and the Aaron Rodgers-led offense committing two turnovers and failing to convert a third down yet again during a scoreless first 30 minutes, the Packers dug themselves a 27-0 halftime deficit on their way to a demoralizing 37-20 loss.
Gutierrez, superintendent of the school district in Seguin, Texas, was announced Friday as the Madison School Board's pick to lead the district.
The person returned to Dane County Regional Airport after a trip to Beijing Jan. 30 and went directly to UW Hospital's emergency room, officials said.
Officers found the victim, believed to be an adult male, in the 100 block of North Blair Street about 3:45 p.m. Saturday after receiving a report that a person had been shot.
This weekend's performances at the Alliant Energy Center will be the last with elephants in Dane County as a contract between the circus and the venue expires.
Tony Evers said he vetoed the legislation, which uses surplus revenue, because it doesn't invest in the state's schools.
Despite no Wisconsin cheeses finishing in the final top three, state producers dominated the competition, earning 45 gold medals out of 132 categories.
This decision is unprecedented for Wisconsin's largest university and taken to slow the spread of COVID-19 coronavirus.
The closure order, to take effect no later than 5 p.m. on March 18, affects nearly 1 million Wisconsin children in grades K-12 in public and private schools.
David A. Kahl, 53, is charged with first-degree intentional homicide.
Tony Evers’ “safer at home” order represents a shift from the governor's position last week, when he said he did not plan on issuing such an order.
A jogger saw a man and a woman lying in a ditch at about 6:30 a.m. Tuesday.
Most voting locations saw few lines and smooth operations. But other places, notably Milwaukee, experienced significant delays, chaos and conditions that made it impossible for some voters to cast a ballot.
Jill Karofsky's win over Dan Kelly cuts the court's conservative majority to 4-3, giving liberals a chance to take back control in 2023.
The U.S. Air Force announced the final selection of the Wisconsin Air National Guard’s 115th Fighter Wing, capping more than three years of study and deep community division over the planes, which come with the promise of jobs and new construction but also noise and pollution.
While applauded as a good first step, Democratic members, as well as public safety and health officials, have criticized the bill for not allocating more state funding to respond to the pandemic.
For 30 years, "Ms. Milele" was the publisher of UMOJA magazine and a prominent leader in Madison's black community. She was "short in stature but mighty in force."
Free community testing for COVID-19 started at the Alliant Energy Center in Madison on Monday morning.
Gov. Tony Evers and legislative Republicans will need to work quickly to come up with a replacement plan.
Authorities identified the victim of a Friday night homicide as Nang Yee Lee, who died Monday. The suspect is hospitalized.
The Vilas Zoo, Goodman Pool, beaches and movie theaters are among the places not opening yet.
There were signs early Sunday that the violence was spreading into other parts of the city.
"It’s clear they have important process issues to work out," the candidate said.
Protesters tore down statues of Forward and a Union Civil War colonel, assaulted a state senator and set a small fire in a city building Downtown on Tuesday night after the arrest of a Black activist seen causing a disturbance in a restaurant earlier in the day.
School Board President Gloria Reyes said the decision to pull police from Madison's four main high schools is effective immediately.
Madison police are investigating a shooting Tuesday night at a Far East Side motel that left one man with life-threatening injuries.
The Madison School Board chose Carlton Jenkins, a superintendent of a suburban Twin Cities school district, over another finalist for the job. He starts Aug. 4.
As a Dane County public health order requiring face coverings in all indoor spaces outside the home took effect Monday, businesses offered mixed views on mandates, though for many retailers it was business as (the new) usual.
There was no update on the second victim from the shooting at Schroeder Road and Chapel Hill Road Saturday night.
Travis M. Christianson, 44, is tentatively charged with first-degree intentional homicide.
Republican President Donald Trump also has caused controversy for saying he might deliver acceptance speech at White House.
The girl was in a car that was struck by gunfire late Tuesday morning on East Washington Avenue.
The conference decided — after meetings between presidents and athletic directors, and outcry from players, coaches, politicians and fans — to cancel the fall sports season and will attempt to move football to the spring semester.
"The video that came out of Kenosha is absolutely horrific. I don’t understand how people can watch it and not be here," one Madison protester said.
The fifth-seeded Heat finished off an upset of the NBA’s best regular-season team Tuesday, topping the Milwaukee Bucks 103-94 in Game 5 of their East semifinal series — while Giannis Antetokounmpo, the league’s reigning MVP, couldn’t play because of a sprained right ankle.
UW-Madison is pausing in-person instruction for at least two weeks and quarantining more than 2,200 students living in two dorms.
After 69 years as one of the leading attractions in the Wisconsin Dells area, the Tommy Bartlett Show announced Wednesday that it would close permanently after losing the 2020 season to the COVID-19 pandemic.
Police are not recommending charges against Althea Bernstein, saying there is a difference between someone trying to deceive law enforcement and not being able to corroborate a report of a crime.
The alternate care facility at State Fair Park in West Allis may begin taking patients Thursday.
The two victims, ages 17 and 18, who were taken to a local hospital, suffered significant injuries but were expected to survive, acting Police Chief Vic Wahl said Saturday night.
A small crowd Downtown Saturday morning before the race was called turned into hundreds of people honking horns, cheering and waving signs after Biden was declared the winner, while some Trump supporters turned out in protest.
"We understand the eyes of the world will be on these Wisconsin counties over the next few weeks," Wisconsin Elections Commission administrator Meagan Wolfe said.
Isai Morocho, 16, was “a caring friend and family member with a ready smile and great sense of humor,” his principal said.
The jet from the Wisconsin Air National Guard’s 115th Fighter Wing at Truax Field in Madison crashed Tuesday night. The status of the pilot remains unknown.
St. Mary's and Meriter expect to get vaccine soon.
The flurry of activity caps off a tumultuous post-election saga in Wisconsin that has now concluded.
A look back at the year 2020 through the lens of Wisconsin State Journal photographers John Hart, Amber Arnold and Steve Apps