How a Wisconsin auction bought the state surplus
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WASHINGTON — The state’s $2.3 billion surplus is expected to come in a $2 billion surplus next year as Wisconsin is on track to post the second-largest surplus in the country, the nonpartisan Legislative Fiscal Bureau said Monday.
The agency, which collects data from state agencies and agencies of the federal government, said it expects Wisconsin’s budget surplus to be $1.5 billion next year, the second largest of any state, behind Oklahoma, which has a surplus of $1 billion.
Wisconsin is also on track for a $1,300 million surplus in 2018, the bureau said.
The agency said that number could be reduced in 2019, and then a further $400 million surplus by 2023 if Wisconsin continues to grow.
The bureau’s report says Wisconsin is the sixth-largest state in the nation for gross domestic product, ahead of California, New York, Illinois, and New Jersey.
The bureau did not include a figure for the state’s population.
The surplus, the largest of its kind in the United States, is projected to last for the next decade, the report said.
That’s partly because of higher taxes and spending on public education, which were the primary drivers of the budget surplus.
The state’s fiscal situation is projected in the budget projection as follows: 2018-2019 $1 trillion surplus 2019-2021 $1 Trillion surplus 2020-2022 $1Trillion surplus 2021-2023 $1Billion surplusThe surplus is forecast to be funded by a combination of higher sales taxes, higher state spending on education and infrastructure and lower taxes on businesses.
WASHINGTON — The state’s $2.3 billion surplus is expected to come in a $2 billion surplus next year as Wisconsin…