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12/20/2006
Citizens of Wisconsin, we are in deficit - big time.
It’s official. The state deficit for 2006 is a whopping $2.5 billion. Wow. A record. FoxPolitics has gone on and on and on about that deficit. A huge deficit that exists in spite of candidate Doyle’s repeated claims that he balanced the budget. Ridiculous. It just ain’t so. I’ve repeatedly explained the fallacy of that position, so don’t need to bore you with it again. For a very quick explanation, check here.
Even State Senator Russ Decker (D, Schofield), co-chair designate of the Joint Finance Committee, yesterday referred to “the deficits we have today.” What happened to that budget the Governor supposedly balanced. I could scream.
So we all know it. We all have a part in dealing with it. But that dealing with it starts with being honest about it.
Here are a couple of cogent facts, straight from the Department of Administration’s brand new Comprehensive Annual Financial Report (CAFR) posted on the DOA’s web site yesterday morning.
For the fiscal year ended June 30, 2006
“At the end of the current fiscal year, the unreserved fund deficit for the General Fund was $(2.5) billion, or (14.7) percent of total General Fund expenditures.” (pp 19, 40)
In order to stay afloat, the state budget last year took money from several dedicated funds in order to fund general operating expenses in the General Fund.
(This is the problem, for example, with raising the cigarette tax to fund specific health programs. The revenue comes in, but no matter how high and strong the statutory barricade to prevent its being used for other programs, a high risk exists that dollars may be transferred away as another new spending source. The majority of the transfer dollars listed below were transferred via a convoluted governor’s veto.)
The CAFR calls the transfers “Nonroutine and Other” and defines them as “non-routine or inconsistent with the fund making the transfer….
Transfers to the General Fund from other funds to address revenue shortfalls” included: (p. 101)
Transportation $338,449,000
Environmental 4,200,000
Recycling 19,143,000
Utility Public Benefit 18,185,000
Petroleum Inspection 10,861,000
Technology Services 7,927,000
Facilities Op's & Maint. 5,904,000
Badger State Industries 1,316,000
$405,984,000
Wow. Big numbers all around. Please, PLEASE, Governor, Joint-Finance, Legislature. Please make a balanced budget your top priority. As detailed by FoxPolitics after the election, Assembly Republicans (or anybody!) must get to work.
The facts are in. The deficit is huge. Legislators simply must stick to their knitting and control spending and taxes. The Republicans in the Assembly (especially - and again, anyone else who’s interested!) absolutely must clothe themselves anew and make an ironclad commitment to get on the road to balancing this budget.
COMMENTS
A deficit is not in and of itself a bad thing. Spending on infrastructure pays off down the road, as do school improvements, programs to bring more industry or jobs to the state, etc.
Looking at your chart I can't tell if we're just 'spending money or 'spending money on the future'.
Brian (Wed Dec 20 09:42:29 2006)
Great article Jo.
Dohnal (Wed Dec 20 20:07:43 2006)
Brian, you have got to be kidding ?
I see no massive infrastructure inprovements !
I see spending on "programs"
Its like saying that a Large credit card bill is OK if it is for Electronic products like games and Ipods.
Excuse me, but I have not seen Wisconsin become more computer oriented and eliminating the massive payroll in Madison and Milwaukee as a result. If you do, please point it out.
otherwise, please open your eyes to the trouble we are in, and the BS that we are being fed.
Adding Programs is not investing in our future, it is spending your kids inheritance into finacial subjugation.....and ruin!
Rich (Sat Dec 29 23:37:12 2007)
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