(The Center Square) – Republicans in the Wisconsin legislature are taking a victory lap after another report shows the state’s financial picture is improving.
Press Release
Gov. Evers Announces State’s General Fund has a Positive GAAP Balance for the First Time Since 1990
Report shows state s former generally accepted accounting principles deficit eliminated at the end of fiscal year 2019-20 for the first time since Thompson Administration By Gov. Tony Evers - Dec 22nd, 2020 09:42 am
MADISON Gov.
Tony Evers today announced that since the state began publishing its Comprehensive Annual Financial Report (CAFR) in 1990 the State’s General Fund is no longer running a deficit for the first time since the Thompson Administration. In Gov. Evers’ first two years in office, the state’s former Generally Accepted Accounting Principles (GAAP) deficit has declined by over $1.253 billion and assumed a positive balance of $1.5 million for the first time at the end of the 2019-20 fiscal year.
LA’s Billion Dollar Budget Mess Details
LA WATCHDOG The City of Los Angeles is facing a “budget gap” of more than $1 billion for the next fiscal year that commences on July 1, 2021.
According to the CAO’s Four Year Budget Outlook, the budget gap for next year is expected to be $228 million as a result of the budget busting labor agreements that were approved by the Mayor and City Council in the fall of 2019.
Contributions to the City’s two pension plans are expected to increase by $127 million because of changes in economic and demographic assumptions. This increases the deficit to $355 million.