The Department of Administration projected the state will receive $1.5 billion in new revenue during the next two fiscal years Tuesday, exceeding previous projections by $171.4 million.
The state is now expecting to finish the current budget cycle with a gross balance of $348.1 million and the DOA projects Wisconsin will be able to avoid a deficit for the 2013-’15 budget, despite state agencies requesting more money than the projected state revenue.
In a letter to Gov. Scott Walker and legislators, DOA Secretary Mike Huebsch said, “Revenues and expenditures are largely equivalent without the use of one-time injections of revenue to maintain spending at an unsustainable level as had become the practice in the past.”
Huebsch also touted contributions to the state’s rainy day fund during the current biennial budget and reaching a “position of structural balance” after having a $3.6 billion shortfall in 2010.