-
Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
-
Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
-
Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
-
Headlines : Wisconsin
Walker's office: Wis. will have budget surplus
Republican Gov. Scott Walker's administration said that its new revenue projections show the state will finish the 2011-2013 budget years with a surplus rather than the deficit predicted earlier this year.
- View All News Stories
Budget timeframe: Biennial
Fiscal Year begins: July 1
Gov. Scott Walker
115 East State Capitol
P.O. Box 7863
Madison, WI 53707
Phone: (608) 266-1212
Fax: (608) 267-8983
http://www.wisgov.state.wi.us/index.asp
Mike Huebsch, Secretary
Department of Administration
P.O. Box 7864
Madison, WI 53707-7864
Phone (608) 266-1736
http://www.doa.state.wi.us/debf
2012 Legislative Calendar: Regular Session convenes January 10 and meets throughout the year.
Legislative Budget Leaders:
Rep. Robin Vos (R), Chair, House Committee on Finance; Co-Chair, Joint Committee on Finance, Rep.Vos@legis.wisconsin.gov (608) 266-9171
Rep. Dan Meyer (R), Vice-Chair, House Committee on Finance, Rep.Meyer@legis.wisconsin.gov (608) 266-7141
Sen. Alberta Darling (R), Chair, Senate Committee on Finance; Co-Chair, Joint Committee on Finance, Sen.Darling@legis.wisconsin.gov (608) 266-5830
Sen. Luther Olsen (R), Vice-Chair, Senate Committee on Finance, Sen.Olsen@legis.wisconsin.gov (608) 266-0751
Rep. Samantha Kerkman (R), Chair, House Committee on Ways and Means, Rep.Kerkman@legis.wisconsin.gov (608) 266-2530
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Wisconsin is required to pass a "balanced budget." Article VII, Section 5 of the 1848 Constitution requires the legislature to "provide an annual tax sufficient to defray the estimated expenses of the State for each year." Even with this provision the State's reported budget deficits (negative net transactions) on its Budgetary Comparison Schedules for each of the three years studied. Wisconsin law allows the carrying over of a deficit from one year to the next.
The State maintains two major: General and Transportation, and several non-major governmental funds. The Wisconsin's biennial budget is prepared using a modified cash basis of accounting. Both of the two major governmental funds are budgeted, however, it is unclear how many of the total non-major funds are budgeted.
Judging from the differences between actual and budgeted figures, it is likely that few of the total non-major governmental funds are budgeted. Budgetary information within the Budgetary Comparison Schedules are not efficiently ordered and do not include the necessary "total" columns. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
|
|
 |
 |
-
Solutions: Wisconsin
Ten Ways the Budget Could Be Better
The state government should refrain from onerous interference into the private market and limit pork, and here are 10 suggesitons for doing so.
-
Solutions: Wisconsin
Benefit Reform Could Save School Districts Hundreds of Million$
Public officials can help alleviate their budget crunches by offering competitive, not exorbitant benefits.
-
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
-
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
-
OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
-
OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
-
OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
-
OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
-
BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
-
BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
-
BLOG
Rahm Emanuel's Pension Gamble
Chicago Mayor Rahm Emanuel attempts to reform pensions for public employee unions while financially supporting the recall elections against Wisconsin Governor Scott Walker for enacting similar reforms.
- View All Blog & Opinions
