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Wisconsin's budget deficit fell 23% last year under GAAP

Budgeting
Budgeting

MADISON, WI (WTAQ) - The state budget deficit dropped by 23 percent last year, according to Generally Accepted Accounting Principles -- the most rigorous financial standards.  

Governor Scott Walker said Thursday that the deficit as shown by the accepted principles was $1.7 billion at the end of the last fiscal year on June 30th. That's down a half-billion dollars from the year before.

It's also the smallest deficit under the accepted accounting principles since 2002, when the shortfall stood at $1.4 billion.  

Under the Generally Accepted Accounting Principles, liabilities are entered into the books as soon as they're committed -- not when the money is actually spent, which happens under the state's more recognized accounting methods.

(Story courtesy of Wheeler News Service)

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