Press Release: Gov. Evers Announces $4.6 billion Positive GAAP Balance in State’s General Fund for Fiscal Year 2021-22
State of Wisconsin sent this bulletin at 12/21/2022 02:00 PM CSTFOR IMMEDIATE RELEASE: December 21, 2022 |
Contact: GovPress@wisconsin.gov |
Gov. Evers Announces $4.6 Billion Positive GAAP Balance in State's General Fund for Fiscal Year 2021-22 |
Report shows state has Generally Accepted Accounting Principles positive balance for third consecutive year in a row |
MADISON — Gov. Tony Evers today announced for the third consecutive year the state’s General Fund recorded a positive balance at the end of the 2021-22 fiscal year using Generally Accepted Accounting Principles (GAAP). Released today, the state’s Annual Comprehensive Financial Report (ACFR) shows the state’s GAAP balance increased by nearly 300 percent from a positive balance of $1.2 billion at the end of the 2020-21 fiscal year to a new record high of $4.6 billion at the end of the 2021-22 fiscal year. “When I took office our GAAP balance was in a deficit, but we’ve worked hard since to put our state in a stronger fiscal position moving forward, and for the past two years this report has demonstrated that we are doing just that,” said Gov. Evers. “Wisconsin is in the best fiscal position we’ve ever seen, and this year’s remarkable increase is another positive indicator that we are headed in the right direction—toward a stronger, more secure economic future that ensures we can keep working to build a Wisconsin that works for everyone.” Other highlights of this year’s ACFR include:
The significant increase in the state’s positive GAAP general fund balance reflects the continued improved financial position of the state in the 2021-22 fiscal year that resulted from greatly expanded budget reserves, increasing ending fund balances, and excellent liquidity. Similar to last year, it is likely that the reporting of the state’s $4.6 billion GAAP general fund balance will be well received by investors. |
An online version of this release is available here. |
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