MADISON, WI (WTAQ) - Wisconsin would have to use generally-accepted accounting principles in adopting its state budgets under a measure passed Tuesday night.
The Assembly voted 69-25 in favor of a proposed constitutional amendment to stop using its present cash-accounting system, which can push obligations into future budgets. That system says the current budget has a $143 million deficit.
But the shortfall is $3 billion under generally-accepted accounting principles -- because it reflects all of the state's financial commitments made during a two-year budget cycle.
The amendment now goes to the Senate. To be adopted, it would also have to pass in the next session, and then by the state's voters.
