Legislative Fiscal Bureau says revenue will be flat

In a memo to the co-chairs of the Joint Finance Committee, Legislative Fiscal Bureau Director Bob Lang says that while 2014-15 tax collections may exceed earlier estimates, collections for the next two fiscal years are expected to grow more slowly than expected, meaning no extra revenue for the 2015-17 state budget.

“On balance, we believe that the current estimates for the three-year period are still reasonable and should not be adjusted,” Lang said.

Read the LFB memo here.

Reaction to the budget news:

No hike in revenue estimates forces tough budget decisions

Update: Vos: Lawmakers to restore K-12 cuts despite lack of new revenue

No additional tax revenue projected in Wisconsin; lawmakers vow K-12 won’t be cut $127 million