Wisconsin has closed the 2019–2020 fiscal year with a positive balance in the general fund for the first time in more than 30 years, according to a release from the office of Gov. Tony Evers.
Using a more standard method of accounting — Generally Accepted Accounting Principles (GAAP) — the state’s deficit has declined by over $1.253 billion and assumed a positive balance of $1.5 million for the first time. That’s an increase from a roughly $763 million deficit the previous year and a record-high balance for the state’s history. Additionally, $105.8 million was deposited into the state’s rainy day fund, which is to be tapped in times of recession or fiscal emergency, bringing the total to $761.8 million.
