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Yes.
State revenue is projected to outpace spending during the next two years leaving a $770 million surplus as of July 1, 2027. If spending and revenue are the same over 2027-29, the state will have a deficit of -$1.4 billion in its general fund by the end of that biennium, the nonpartisan Legislative Fiscal Bureau reported.
That excludes the state’s $2.1 billion rainy day fund.
Wisconsin ended 2023 with a record $7.1 billion surplus and the last budget cycle with $4.4 billion.
The current state budget spends down $3.6 billion as Gov. Tony Evers prioritized spending increases for education and childcare while Republicans pushed tax cuts.
The state’s general fund in 2027 is projected to be at the lowest level since 2018. Wisconsin faced structural deficits from 1996-2011, with a projected $3.6 billion deficit during the 2011-13 biennium. That prompted steep public employee benefit cuts under the controversial Act 10 law.
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Sources
- Legislative Fiscal Bureau 2025-27 and 2027-29 General Fund Budget — 2025 Wisconsin Act 15
- Legislative Fiscal Bureau State Tax and Fee Modifications Included in 2025 Wisconsin Act 15
- Wisconsin Policy Forum An All of the Above Budget
- Wisconsin Policy Forum Home to Roost? The 2011-13 State Budget
- WPR Report confirms Wisconsin’s $7.1B budget surplus is highest in state history
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