The nonpartisan Wisconsin Policy Forum recently released a reportannouncing that Wisconsin’s financials are the strongest they have ever been.
The report cited a high general fund balance, healthy short-term cash reserves, low overall debt, and keeping annual debt payments under control as the main reasons that the state’s finances show “greater strength last year than any point in decades”.
When we wrote the state budget last year, we recognized that only approximately $2.5 billion of these funds were ongoing despite a surplus totaling nearly $7 billion. This means that only about one third of the surplus could be counted on into the future. Because of this, we focused a lot of our attention on using one-time funds for one-time expenses to ensure that Wisconsin would be in a better fiscal position than when we started the budget process.
The surplus enabled us to pay for projects in cash rather than taking out loans. We were able to pay cash for $1.66 billion of building projects across the state, $550 million in road upgrades, and $525 million in grants to address housing shortages. Being able to complete these projects without taking out a loan is the best way to keep debt low.
We also used some of the one-time surplus to pay off $400 million in state debt. According to the Legislative Fiscal Bureau (LFB), this investment will save us between $30 and $40 million in principal and interest payments per year going forward. The reduction in debt keeps our annual debt payments low and allows us to focus on other funding priorities.
When I first ran for office in 2010, Wisconsin had a deficit of $2.9 billion according to generally accepted accounting principles (GAAP). Since my election I have been the strongest advocate for responsible budgeting in the State Capitol. During my time in office and on the Joint Committee on Finance (JFC) we have turned Wisconsin’s financial position around. This past budget we had a $7 billion surplus on a GAAP basis!
I am very proud of my role in the state budget process. It is rewarding that the Wisconsin Policy Forum report has such positive things to say about Wisconsin’s strong financial position. Under my watch we will continue to chip away at Wisconsin’s debt and keep our state on solid financial footing. I will always work to protect Wisconsin’s checkbook.
As always, if you need assistance with any state-related matters, please call our team at the State Capitol – 608-266-0703 – or email me – Sen.Marklein@legis.wisconsin.gov. My team is ready, and willing, to help navigate your state government, clear obstacles and receive your input.
My latest Hire Howard experience of 2024 was on Tuesday, May 21, 2024. I was hired by The Station, a gas station and convenience store in Belleville.
The Station is a locally owned and operated gas station that has been run by the Francois family in Belleville for 85 years. The Francois family used to own 17 local gas stations and the local Ford dealership. In the last few years the family has sold most of their businesses, but continue to operate this gas station in Belleville.
My tour guides for the afternoon were brothers Ed and Rick Francois. They started by giving me a tour of the store and explaining their family's long history in Belleville.
Teresa, a manager at The Station, trained me on the cash register. Teresa told me that many customers are regulars who keep coming back because of good customer service and to see a friendly face.
Next Ed's son Jon showed me the inside of a gas pump. We often do not think of the complexity that goes into properly storing and dispersing fuel, but each pump has many safety mechanisms. If something goes wrong internally or externally the whole machine shuts down. Water in the tank, a leak somewhere in the pump, or different kinds of gas accidentally mixing will all cause the gas pump to shut down until maintenance can be done.
Jon opened up the covers to the tanks that store the gas. These tanks hold thousands of gallons of gas at a time! Similar to the pumps, the pipes that run underground from the tanks will shut down immediately if something goes wrong to avoid gas leaking.
I had a fantastic time with the Francois family at The Station. Local institutions like this are so important our communities. They are central to the identity of Main Street, great for the local economy, and provide great customer service!
Students from Necedah Elementary School visited the State Capitol on Friday, May 17, 2024.
Visitors from Waldmuchen, Germany spent the week visiting Plain. As part of their trip they stopped by the State Capitol, met with Sen. Howard Marklein, and took a tour of the Senate Chambers on Friday, May 17, 2024.
Students from Albany Elementary School visited the State Capitol on Tuesday, May 21, 2024.
Sen. Marklein received the Cheese Champion award from the Wisconsin Cheesemakers Association on Wednesday, May 22, 2024.
Students from Ithaca Elementary School visited the Capitol on Wednesday, May 22, 2024.
Students from Seneca High School visited the Capitol on Thursday, May 23, 2024.
Department of Revenue Collections - April FY 2024 The table illustrates General Purpose Revenue (GPR) tax collections for the first ten months of Fiscal Year (FY) 2024, ending April 30, 2024.
Department of Revenue Collections For Ten Months, Ending April 30, 2024 General Purpose Revenue ($ in thousands - rounded)
