The co-chairs for the Joint Finance Committee announced Friday that the committee would not reconvene to finish the final pieces of the state budget until a deal has been worked out on transportation funding. The co-chairs and legislative leaders hope to finalize a transportation deal sometime this week.
In addition to transportation, the other major outstanding items are general fund taxes, including the proposed cap on the historic preservation tax credit, and the Milwaukee Bucks arena.
Legislative leaders have been struggling to come up with a plan on transportation funding for months. The Governor has voiced opposition to any gas tax or registration fee increases absent tax cuts in other areas. The Legislature is uncomfortable with the amount of borrowing the Governor has proposed as part of his transportation budget.
The League is working with the Transportation Investment Coalition to push the Legislature towards making revenue increases. Stay tuned for action alerts on transportation funding and other topics that might surface as part of the budget writing process later this week.
What's Next? Once the Joint Finance Committee wraps up its work, the committee's version of the state budget will be presented as a substitute amendment to both houses of the Legislature. After passage by both houses, the budget bill will be sent to the Governor for his signature and/or line item vetoes. The state's fiscal year ends June 30th. The Legislature and the Governor want the budget enacted by that date at the latest.
