The Legislative Fiscal Bureau (LFB) projected the state will finish the 2021-23 budget with a $3.8 billion surplus, nearly $2.9 billion more than was expected just several months ago. The LFB said the revised estimate was due to $2.5 billion more in expected tax collections by the end of the two-year period, an increase of $33.1 million in revenues and a drop of $339.4 million in appropriations. LFB also noted that the budget stabilization fund balance is more than $1.7 billion. That exceeds the automatic trigger that directs the state to divert some surplus state revenues to the fund, meaning the Legislature will have that money available for new spending, tax cuts or to leave in the general fund.
Legislative Session
The state’s two-year legislative session will be over in the second week of March and lawmakers will be returning to their districts to campaign. Several DBA priorities are near the finish line:
Assembly Bill 727 / Senate Bill 677 establishes a nitrate optimization pilot program, a cover crop incentive and a state hydrogeologist position to conduct much-needed mapping. It passed the Assembly 96-0 and needs a vote in the Senate.
Senate Bill 893 creates non-probate transfer of a farm implement to a beneficiary upon the death of the owner. “Farm implement” is defined in the bill to include tractors and various types of machinery used exclusively and directly in farming. The bill passed the Assembly and Senate unanimously and awaits Gov. Evers’ signature.
Senate Bill 827 transfers unused funds from a federal loan program to the newly established Agricultural Exports Program. The bill passed the Assembly and Senate unanimously and awaits Evers’ signature.
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