The Legislative Fiscal Bureau announced today that the state will take in $575 million more than expected over the next two years. The LFB memo detailing the general tax fund revenue projections is here.
Governor Scott Walker and legislative leaders quickly said they would like the surplus revenues to go toward K-12 school aid and tax relief:
- Governor Walker: “The surplus and increased revenue projections should be invested in aid for our schools, lowering income taxes for middle-class families, holding the line on property taxes, and building our rainy day fund.”
- Representative Dale Kooyenga (R-Brookfield): “Our promise is to give Wisconsin taxpayers the largest possible income tax cut that we can afford. The revenue numbers released today put us one step closer to accomplishing that goal.”
- Representative John Nygren (R-Marinette), co-chair of the Joint Finance Committee: “We would like to increase (K-12) funding by $100 per pupil. We have listened to the citizens that spoke out during public hearings throughout Wisconsin and to our colleagues.”
- Minority Leader Chris Larson (D-Milwaukee): “Today’s revenue estimate increase must be used to restore a portion of the $1.6 billion from our neighborhood, public schools in the last budget.”