Madison – The Department of Administration released the Comprehensive Annual Financial Report (CAFR) today showing Wisconsin ended the 2016 fiscal year with a positive General Fund budgetary balance of $331 million.
Since Governor Walker took office, Wisconsin has ended every year with a budgetary surplus. The most recent fiscal year surplus of $331 million is estimated to grow to $453 million by the close of fiscal year 2017.
“We have ended every year with a surplus since I took office, and this latest report shows we continue to be good stewards of taxpayer dollars,” Governor Walker said. “Moving forward, I will continue to fight for the hardworking taxpayers as we invest our Reform Dividend in K-12 education, tax relief, and rewarding work.”
The report shows an improvement in the General Fund balance based on Generally Accepted Accounting Principles (GAAP). Governor Walker’s proposed budget would have the third most favorable structural balance in the last 20 years – with the only two better than this being since Governor Walker took office.
The FY16 CAFR was delayed because it is the first to be prepared using the state’s new Enterprise Resource Planning (ERP) system. The ERP was successfully implemented to replace approximately 140 obsolete systems, improving efficiency, consistency, and transparency to the state’s financial reporting.
The Nonpartisan Legislative Audit Bureau issued an unmodified opinion on the report. A copy of the CAFR can be found online, here.