Bad News from Legislative Fiscal Bureau: No New Revenue Forecast

The non-partisan Legislative Fiscal Bureau (LFB) says the last round of revenue projections it did are on target and there is no need to adjust them. The estimate is a blow to GOP lawmakers who had been hoping for new revenue growth to cover things like eliminating a cut in K-12 per pupil aid Gov. Scott Walker had proposed in the first year of the budget.

LFB Director Bob Lang wrote in a memo to the Joint Finance co-chairs today that 2014-15 tax collections should increase somewhat and may exceed previous projections. But Lang noted forecasts for the national economy have been downgraded since LFB did revenue projections in January. Any uptick in the current fiscal year will likely be offset by reduced growth in 2015-16 and 2016-17.

School board members need to communicate with their legislators to let them know we expect them to honor their commitment to restore the proposed $127 million cut in Per Pupil Categorical Aid in the first year of the budget as well as look for ways to increase resources for public schools.