CHICAGO - Wisconsin closed out fiscal 2014 with a $517 million undesignated ending balance, the Department of Administration reported Oct. 15 in the state's annual fiscal report.
The report reflects the state's fund condition and operations on a budgetary basis. The state has long carried a deficit based on generally accepted accounting principles.
General-purpose revenue taxes collected during the fiscal year ending June 30 totaled $13.9 billion compared to $14.1 billion in the prior year for a 1% decrease.
"This modest change reflects taxpayers' continued reactions to the federal fiscal cliff, as well as substantial tax relief as enacted by Governor Walker," the report read referring to Gov. Scott Walker's tax cut package that tapped a portion of the state's budget surplus.
General sales and use tax collections increased 4.9% from the prior year. General-purpose revenue expenditures totaled $14.6 billion, about $165 million less than the budgeted amount. The report noted that the state expects to publish its comprehensive annual financial report in December.
Walker, a Republican, is running for reelection against Democrat Mary Burke, and they have sparred over the condition of the state's finances with Burke focusing on a looming $1.8 billion deficit in the next two-year budget and Walker on fiscal strides that led to a budget surplus and moved the state closer to structural balance.
In another fiscal related state development, Walker told editorial boards this week he is exploring the use of a sales tax on gas and alternative vehicle fuel to replace the state's reliance on its 33-cents per gallon gas tax to fund transportation projects. Burke criticized the idea.
Wisconsin voters will vote next month on whether to amend the state constitution to ban the diversion of transportation fund revenues for other expenses. Past administrations and legislatures have drawn more than $1 billion in transportation fund revenues to cover other spending. The state faces a $15 billion shortfall in transportation funding over the next decade.
