Capitol Update

Improving the Financial Situation in Wisconsin
The State of Wisconsin has an annual audit prepared in conformity with generally accepted accounting principles (GAAP). As a CPA, I am interested in the financial condition of our state. The GAAP basis audit accurately portrays the financial condition of the state.

The reason that there is a GAAP deficit in this state is that the state has historically “balanced” its books by using cash-basis budgeting. Over the years, it has led to all kinds of creative techniques to balance these books. Many of these techniques have been well publicized and include the sale of the tobacco settlement, raids of the Transportation Fund and the Patient Compensation Fund, withholding of payments to Minnesota, and delaying of state aids to school districts.

The path that we were on was unsustainable. By the end of fiscal year 2010, the general fund deficit had grown to nearly $3 billion! People were taking notice of these budgeting gimmicks. The bond rating agencies in New York were concerned about these deficits and it had a negative impact on our bond rating

Tremendous progress has been made in the last three years. In 2010, the Wisconsin GAAP deficit stood at over $2.9 billion and today the GAAP deficit has decreased 52% to $1.4 billion. The decrease represents the fact that Wisconsin has made significant progress in achieving solvency and more honest accounting practices.

There is still more work to be done. I believe the only permanent solution is to have the voters in Wisconsin approve an amendment to the state constitution that will require future legislatures and governors to budget on the basis of generally accepted accounting principles.

I have again introduced legislation creating a constitutional amendment that would require the state to budget the same way that businesses, school districts, counties, townships, cities, and villages budget. The state should live by the same rules as our constituents. As a constitutional amendment, Senate Joint Resolution 55 and Assembly Joint Resolution 66 would need passage by two consecutive sessions of the State Legislature and require the approval of voters statewide before becoming law.

For more information and to connect with me, visit my website http://legis.wisconsin.gov/senate/17/marklein and not hesitate to call 800-978-8008 if you have input, ideas or need assistance with any state-related matters.

Senator Marklein’s 2015 Fall Legislative Survey
If you haven’t already, please take my 2015 Fall Legislative Survey. Below you will find a link to a 10 question survey seeking your thoughts on a number of relevant legislative issues and concepts that we will be discussing in the coming months.

This survey is available online at http://legis.wisconsin.gov/senate/17/marklein or please feel free to print out a copy from the link below and return it to me at PO Box 7882, Madison, WI 53703 or via fax at 608-282-3557. Please submit your survey by October 30, 2015.

For a PDF version of the survey, click here.

2015-16 Blue Books
The 2015-16 Blue Books have arrived at the Capitol! If you would like one, please let me know, I would be happy to make sure you receive a blue book.

Southwest Wisconsin Year to Date Automobile Sales for August
Every month, the Wisconsin Automobile & Truck Dealers Association releases the monthly sales trends for counties around the state. I thought it would be interesting to show you the sales of cars and trucks within the 17th Senate District for the first eight months of this year compared to last year. As you can see from the data, truck sales account for majority of the automobile sales in the district!
 

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State Capitol - Room 8 South - Post Office Box 7882 - Madison, Wisconsin 53707 - Phone: (608) 266-0703