State faces $143 million budget shortfall by 2013
MADISON, Wis. (AP) -- Wisconsin's state budget condition has worsened to the point that Gov. Scott Walker and possibly the Legislature will need to take emergency steps to avoid being out of balance.
The nonpartisan Legislative Fiscal Bureau on Thursday released the new projections that show the two-year budget will be $143 million short of balancing by July 2013.
Fiscal Bureau Director Bob Lang says in the memo to co-chairs of the Legislature's budget committee that the Walker administration is looking to address the problem through debt refinancing and restructuring.
At the time of the last estimate in October, the state's budget was projected to end with a positive $73 million balance.
A large reason for the change is a projected $273 million loss in tax collections.