Today, the Wisconsin Department of Revenue released fiscal year 2012 (FY12) general purpose revenue figures. The preliminary collection totals show that general purpose revenue (GPR) tax collections increased 4.7% in FY12 to $13,514.6 million.
The FY12 GPR collections are 0.9% ($126.6 million) greater than the Department of Revenue's May 2012 estimate of $13,388 million.
Wisconsin Department of Administration Secretary Mike Huebsch issued the following statement following the release of the FY12 GPR collection figures:
“These positive revenue numbers are very encouraging, but expenditures must also be counted. DOA is reconciling the spending numbers, and I fully expect to report the largest transfer to the Budget Stabilization Fund in the State’s history. After years of record budget deficits, we are clearly headed in the right direction.
However, fiscal stewardship does not take a break. As state agencies prepare their biennial budget requests, we will ensure that agencies continue to be fiscally responsible, while providing the best possible services to our citizens.”
The Department of Administration is preparing the Annual Fiscal Report, which will be released by October 15 as statutorily required.