September 21, 2017 / 10:09 PM / a month ago

Wisconsin governor signs overdue budget into law

Sept 21 (Reuters) - Wisconsin Governor Scott Walker signed into law on Thursday an overdue state budget of nearly $76 billion, leaving just two other U.S. states without complete spending plans.

Several states, including Wisconsin, were missing budgets when fiscal 2018 began on July 1. Now only Connecticut, which is awaiting its governor’s action on a $40.7 billion two-year budget, and Pennsylvania, which passed a $32 billion spending plan without a revenue package, remain.

Wisconsin’s two-year, all-funds budget, which includes $34.6 billion of general fund spending, was delayed as lawmakers debated transportation funding, taxes and a $3 billion incentive package for a proposed liquid-crystal display plant by Taiwan’s Foxconn.

Walker, a Republican, said the final budget includes more than $11.5 billion for primary and secondary schools, eliminates a state-imposed property tax, and increases funding for broadband in rural areas and for worker training.

The budget also authorizes the issuance of $395 million of general obligation bonds and $124 million of transportation revenue bonds, according to the state’s capital finance office. Another $252 million of GO bonds were included in the Foxconn legislation Walker signed on Monday.

Ahead of the budget signing, the governor on Wednesday used his veto power to make 99 changes to the legislation, affecting $87.5 million in spending approved by the Republican-controlled legislature.

Last month, Wisconsin received a one-notch credit rating upgrade to Aa1 from Moody’s Investors Service despite having an overdue budget. (Reporting by Karen Pierog in Chicago; Additional reporting by Hilary Russ in New York; Editing by Matthew Lewis)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below