Madison–State Representative John Nygren (R-Marinette), Co-Chair of the Joint Committee on Finance released the following statement in response to the release of the Annual Fiscal Report for fiscal year 2019-20. The Annual Fiscal Report, or AFR, is a report of actual financial data for the 2019-20 fiscal year on a budgetary basis.
“Budgets passed by Republican legislatures over the last ten years have consistently resulted in surplus balances,” Rep. Nygren said. “This year, Republican policies have resulted in more than a billion dollar balance and the largest rainy day fund in state history. We likely have challenging fiscal times ahead, but because of responsible actions by Republicans we are on a solid foundation moving forward.”
The Annual Fiscal Report shows the state ended fiscal year 2019-20 with a $1.172 billion
balance. The state rainy day fund also grew to $761.8 million benefiting from a $105.8 million deposit to the fund.
“We should remember that when the Governor introduced his budget in 2019 he included no rainy day fund deposits and projected a nearly $2 billion structural deficit heading into the next budget biennium.” Rep.Nygren said. “Thankfully, his disastrous budget that exploded spending, increased taxes, and put us in the red was rejected and a more responsible path was charted by Republicans.