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JFC Co-Chairs: Don’t “Spend” Additional State Money
By John Forester(Don't Use) | May 11, 2011
From WisPolitics.com …
— The co-chairs of the Joint Finance Committee today welcomed the additional $636 million the state is expected to receive over the next two years as an opportunity to smooth out some of the rough edges in the guv’s budget.
But they both urged restraint today, saying the money would best go toward paying the state’s bills and lowering its debt rather than creating new programs or boosting spending on existing ones.
“We’re not just going to spend the money,” said Co-Chair Alberta Darling, R-River Hills.
“We’re not going to use the credit card and create new programs.”
The Legislative Fiscal Bureau said this afternoon the new revenue from sales and corporate taxes will be weaker than previously expected, but the stronger income tax numbers will easily offset that. General fund tax revenues are expected to be higher than the previous estimate by $233 million in 2010-11, $204 million in 2011-12, and $199 million in 2012-13. That’s a three-year increase of $636 million, or 1.6 percent more than the previous estimate.
Income tax estimates are expected to increase by $910 million over the three-year period, but sales and corporate tax projections are reduced by $240 million and $68 million, respectively, over that time.
See the memo.
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