Walker: $154 Million Budget Surplus

For the second year in a row, thanks to Governor Scott Walker, Wisconsin is enjoying a budget surplus.

While other states are floundering and on the brink of fiscal disaster, we in Wisconsin can be proud of our state's responsible leaders and their implementation of successful policies delivering a surplus of $154 million.

That's amazing.

From the Associated Press:

Republican Gov. Scott Walker's administration said Thursday that its new revenue projections show the state will finish the 2011-2013 budget years with a surplus rather than the deficit predicted earlier this year.

The projections were based on stronger-than-anticipated personal income growth last year, Walker officials said. The numbers could give the governor a boost as he heads into a June 5 recall election against Milwaukee Mayor Tom Barrett. The Democrat has been pounding Walker over his inability to jumpstart the Wisconsin economy.

"This is great news for the state," said Walker campaign spokeswoman Ciara Matthews. "(This) is why voters in 2010 chose Scott Walker to be governor and why they will stand with him again on June 5."

...The nonpartisan Legislative Fiscal Bureau estimated in February the state would finish the two-year budget period that ends June 30, 2013, with a $143 million deficit.

But the state Department of Revenue now estimates that the state will take in about $265 million more than the bureau expected, which should translate to a $275.1 million surplus on June 30, and a $154.5 million surplus on June 30, 2013, Department of Administration Secretary Mike Huebsch wrote in a letter to Walker.
Huebsch said revenue officials based the projections on larger-than-anticipated tax collections through April and revised federal Bureau of Economic Analysis forecasts showing better-than-expected personal income growth in 2011.

State law requires that if revenue exceeds initial projections, half of the surplus must be deposited in the state's rainy day fund. If Walker's projections hold, about $45.4 million would go into that fund after June 30.

That would mark the first time in state history that state officials have added to the fund in consecutive years, DOA spokeswoman Jocelyn Webster said. The Walker administration added $14.78 million at the close of the 2011 fiscal year, she said.

Fantastic.

Finally, we are getting back on track and headed in the right direction. This is just the beginning.

Walker has delivered on real hope and change.

Thank you. Thank you. Thank you.