Politics & Government
6:46 am
Thu June 13, 2013

Fiscal Bureau Report Projects Looming Budget Deficit

Wisconsin may face a half billion dollar deficit in 2015 due to action in this budget period by the Walker administration and Republican lawmakers.
Wisconsin may face a half billion dollar deficit in 2015 due to action in this budget period by the Walker administration and Republican lawmakers.

A non-partisan state government agency is predicting a possible budget shortfall in the next cycle.

A new report cautions the new state budget crafted by the Walker administration, and modified by Republican lawmakers, would increase property  taxes and produce a huge deficit by 2015.

The Legislative Fiscal Bureau estimates a shortfall of more than $500 million in the 2015-2017 budget.

The bureau report also estimates average homeowners’ property taxes would increase by about $30 this year.

The projected budget shortfall stems from a decision by the legislature to make deeper cuts than called for by Gov. Scott Walker in state income taxes.

The tax cut would be funded in part by a surplus in the current state budget.