State tax revenue for FY2014 comes in $281 million below project - WXOW News 19 La Crosse, WI – News, Weather and Sports |

COPY-State tax revenue for FY2014 comes in $281 million below projections

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MADISON (WKOW) -- Wisconsin's final revenue numbers for Fiscal Year 2014 show the state collected about $281 million less than expected.

The state took in $13.95 billion in FY2014, which ended in June.  That is about $137.5 million less than the Wisconsin Department of Revenue collected in 2013 and about $281 million less than what the Legislative Fiscal Bureau had projected in January of this year.

Top Senate Democrats sent out a letter to their colleagues earlier this week predicting a shortfall of between $100 to $250 million.  At those levels, the Senators expressed concern the state's structural budget deficit could grow to as much as $1.6 billion.

Assembly Speaker Robin Vos (R-Rochester) put out a release just minutes after the numbers were announced in which he proclaimed the report as good news.

"Today Wisconsin residents should feel even more confident that our state is head in the right direction," Rep. Vos's statement reads.  "The latest revenue projections show the state budget is balanced and continues to have a surplus."

The numbers released today have not been audited yet.  The Department of Administration will release an annual fiscal report on October 15.

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