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Wisconsin Yearly Expenses by Quarter
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Multi-State
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US-174-AZ
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FAQ
Compared to other states, Wisconsin gets a larger share of its revenue from the property tax and income tax, and a smaller share from sales and excise tax, and corporate income tax.
What do state and local governments spend money on? State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
Published: Tuesday, January 25, 2022, pm.
SpendingEvery year, the state spends money on public services and programs such as education, social services, transportation, and economic development.The biggest category of spending from this fund is K-12 education, which makes up 34% of the General Fund budget.Keeping Up With Current Needs.More items...
Living in Wisconsin is less expensive than it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost 8.1% less than they do on average nationwide. Compared with all other states, Wisconsin has the 20th lowest overall cost of living.
Like most states, Wisconsin's tax revenue on the state and local level comes primarily from property, sales and income taxes, with local entities particularly reliant on property taxes.
As of 2020, Wisconsin has accumulated $205 million in unspent TANF block grant funds, equal to 66 percent of its block grant. The annual federal TANF block grant has been frozen since its creation and lost about 40 percent of its value between 1997 and 2020 due to inflation.
In Wisconsin in fiscal year 2015, 48.1 percent of total tax revenues came from income taxes. Education accounted for 30.5 percent of state expenditures in fiscal year 2015, while 19.3 percent went to Medicaid.
In the fiscal year of 2020, Wisconsin's state debt stood at about 22.51 billion U.S. dollars. By the fiscal year of 2026, this is forecasted to increase to about 26.43 billion U.S. dollars.
Wisconsin's current budget Wisconsin enacted its FY 2022-2023 biennial budget in July 2021. The enacted budget included $19.1 billion in general fund spending for FY 2022 $20.3 billion in FY 2023.
