The Wisconsin Department of Administration announced Monday it will deposit $108.7 million in the state’s rainy day fund, the largest amount ever allotted to the fund. The deposit will bring the fund balance to $125.4 million.
Gov. Scott Walker said in a statement the contribution to the rainy day fund, also known as the budget stabilization fund, will provide stability to future generations and foster sustained private sector growth and job creation in a rapidly changing economy.
“As we continue our work on the next budget, we remain committed to making the tough decisions necessary to avoid tax increases while maintaining services,” Walker said. “Moving forward, our priorities are creating jobs, developing our workforce, investing in infrastructure, reforming government and transforming education.”
The deposit was included in the annual fiscal report, which recaps the 2012 fiscal year ended June 30. Wisconsin ended the year with a positive balance of $342.1 million, $50.5 million more than projected.
General purpose revenue taxes brought in $13.515 billion, up from $12.912 billion in 2011. General purpose revenue expenditures were $13.381 billion, excluding fund transfers, down from $13.565 billion in 2011.
Local assistance made up 53.7 percent of the total general purpose revenue expenses. About 22 percent of general purpose spending went to aid payments for individuals and organizations.
The University of Wisconsin accounted for 6.8 percent of the general purpose revenue, while all other state agencies brought in 17.1 percent of revenue.
