Citing prudent management of the state's finances and a growing economy, the State Controller's Office today released the Comprehensive Annual Financial Report (CAFR), which shows the General Fund deficit, based on Generally Accepted Accounting Principles (GAAP), has dropped to its lowest level since 2002. For Fiscal Year 2013, the GAAP deficit is approximately $1.7 billion, the lowest since Fiscal Year 2002 when the GAAP deficit came in at approximately $1.4 billion. When Governor Walker took office, the GAAP deficit stood at nearly $3 billion.
Governor Scott Walker issued the following statement on the CAFR:
This is more great news for the hardworking taxpayers and yet another sign that our tough, but prudent, decisions are paying off for the people of Wisconsin. Because of those tough decisions and a growing economy, the state's GAAP deficit has dropped to its lowest level in over a decade. Whether it's growing our economy and adding tens of thousands of jobs or the improvement of the state's finances, Wisconsin continues to head in the right direction. Together, we're moving Wisconsin forward.