Gov. Tony Evers announced the state’s General Fund recorded a positive balance at the end of the 2023-24 fiscal year using Generally Accepted Accounting Principles.
The state’s Annual Comprehensive Financial Report shows a $4.5 billion positive GAAP balance in the state’s General Fund. The ACFR also shows the state’s Budget Stabilization Fund—also known as the “rainy day” fund—again ended the fiscal year at the highest level in state history with a balance of $1.9 billion.
“For thirty consecutive years, our state’s checking account ran at a deficit. Thanks to our efforts to pay down our state’s debt and work across the aisle to be good stewards of taxpayer dollars, Wisconsin has never had a deficit since I took office. We’ve ended all five fiscal years with a positive balance in our state’s checking account and we’ve had five consecutive years of record-high balances in our state savings account,” said Gov. Evers.
Highlights:
- This is the fifth consecutive year the General Fund recorded a positive balance using GAAP.
- The ACFR shows a $4.5 billion positive GAAP balance in the state’s General Fund and a $1.9 billion balance in the “rainy day” fund, which is the highest level in state history.
- The $4.5 billion positive General Fund balance reflects the continued strong financial position of the state in the 2023-24 fiscal year that resulted from significant budget reserves, solid ending fund balances, and excellent liquidity, which will be well received by investors.
- The state’s Transportation Fund’s fund balance increased by nearly $686 million to $2 billion at the end of the 2023-24 fiscal year.
- Under GAAP, the state’s total long-term debt decreased by over $755 million, which indicates the state repaid existing debt in excess of new debt being issued in the 2023-24 fiscal year.
The state’s ACFR for the 2023-24 fiscal year can be found here.
