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kooyenga plan doesn't increase deficit

kooyenga plan doesn't increase deficit

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Published by vicki_mckenna
kooyenga plan doesn't increase deficit
kooyenga plan doesn't increase deficit

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Published by: vicki_mckenna on Jun 01, 2013
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06/01/2013

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Legislative Fiscal Bureau
One East Main, Suite 301 • Madison, WI 53703 • (608) 266
-
3847 •
Fax: (608) 267-6873Email: fiscal.bureau@legis.wisconsin.gov
• Website:
May 31, 2013TO: Senator Glenn GrothmanRoom 10 South, State CapitolFROM: Dave Loppnow, Program Supervisor SUBJECT: Examples of Potential Out-Year Commitment AmountsAt your request, I am providing examples of the potential commitment of state general fundrevenues in the 2015-17 biennium based on varying budget assumptions.This office prepares estimates of the amount of revenue growth in the 2015-17 biennium thatis already committed by the 2013-15 budget bill. In preparing these estimates, this office considerscommitments under current law and the provisions of AB 40, and does not reflect any potentialrevenue growth or other appropriation changes.You asked that estimates be prepared that reflect Joint Finance actions through May 31 withthree modifications. First, additional school aid funding of $50 million in 2013-14 and $125million in 2014-15 is included. Second, tax reductions of $140 million in 2013-14 and threediffering amounts in 2014-15 ($200 million, $280 million, and $325 million) are presented.Finally, revenue growth in 2015-16 and 2016-17 at 0%/0%, 1%/1%, 2%/2%, and 3%/3% isincluded. Over the last ten years, state tax revenues have grown at an annualized rate of 3%.The following table shows the estimated out-year commitment amount for each of the threerequested funding scenarios under each of the four requested annual growth rates for general fundrevenues. As shown in the table, under the 0%/0% growth rate approach, the out-year commitmentranges between $603 to $978 million. Negative numbers in the table indicate a surplus (a negativeout-year commitment).

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