Press Release: Gov. Evers Announces $4.5 Billion Positive GAAP Balance in State’s General Fund for Fiscal Year 2023-24

State of Wisconsin sent this bulletin at 12/20/2024 12:00 PM CST
Office of Governor Tony Evers
FOR IMMEDIATE RELEASE: December 20, 2024
Contact: GovPress@wisconsin.gov 
 
Gov. Evers Announces $4.5 Billion Positive GAAP Balance in State’s General Fund for Fiscal Year 2023-24
Report shows state has Generally Accepted Accounting Principles positive balance for fifth consecutive year in a row under Gov. Evers
MADISON — Gov. Tony Evers today announced that, for the fifth consecutive year during his tenure, the state’s General Fund recorded a positive balance at the end of the 2023-24 fiscal year using Generally Accepted Accounting Principles (GAAP). Released today, the state’s Annual Comprehensive Financial Report (ACFR) shows a $4.5 billion positive GAAP balance in the state’s General Fund. The ACFR also shows the state’s Budget Stabilization Fund—also known as the “rainy day” fund—again ended the fiscal year at the highest level in state history with a balance of $1.9 billion. The Budget Stabilization Fund has set a new record in every fiscal year under Gov. Evers.

“For thirty consecutive years, our state’s checking account ran at a deficit. Thanks to our efforts to pay down our state’s debt and work across the aisle to be good stewards of taxpayer dollars, Wisconsin has never had a deficit since I took office. We’ve ended all five fiscal years with a positive balance in our state’s checking account and we’ve had five consecutive years of record-high balances in our state savings account. This is great news for the people of Wisconsin and our state’s economy,” said Gov. Evers.

“As we begin the important work of deliberating our state’s next two-year budget, we have a responsibility to keep staying well within our means while still investing in needs that have long been neglected. We must continue to make the smart, strategic investments we have for the last five years to maintain our economic momentum and ensure Wisconsin’s continued stability and success.”

Highlights: 
  • This is the fifth consecutive year the General Fund recorded a positive balance using GAAP. 
  • Gov. Evers made addressing the state’s deficit a top priority upon taking office. 
    • In 2020, Gov. Evers announced the state was no longer running a deficit for the first time since the Thompson Administration and the state first began publishing this annual report in 1990.
    • Under Gov. Evers, the state’s general fund has not seen a deficit since in five consecutive fiscal years.
  • The ACFR shows a $4.5 billion positive GAAP balance in the state’s General Fund and a $1.9 billion balance in the “rainy day” fund, which is the highest level in state history.
    • The “rainy day” fund has set a new record in every fiscal year under Gov. Evers. 
  • The $4.5 billion positive General Fund balance reflects the continued strong financial position of the state in the 2023-24 fiscal year that resulted from significant budget reserves, solid ending fund balances, and excellent liquidity, which will be well received by investors. 
  • The state’s Transportation Fund’s fund balance increased by nearly $686 million to $2 billion at the end of the 2023-24 fiscal year.
  • Under GAAP, the state’s total long-term debt decreased by over $755 million, which indicates the state repaid existing debt in excess of new debt being issued in the 2023-24 fiscal year.

The state’s ACFR for the 2023-24 fiscal year can be found here.

Background on the ACFR:
The Wisconsin Department of Administration has published the state’s ACFR since 1990. The report is prepared on a GAAP basis. The adoption of GAAP by the state of Wisconsin for financial reporting purposes serves to present the state’s financial position in a business-like manner. GAAP reporting accurately measures financial operations, fully discloses financial positions, provides an externally accepted presentation, and provides information for financial managers.

The state of Wisconsin ACFR has received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) each year since 1996. 
 
An online version of this release is available here.
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