Budget Agreement!

Announced this evening. Some details:

Initiatives and Tax Cuts Included:

K-12 Education
1) Funding for School Aids and the School Levy Credit of $525 million including:
a) MPS Academic Excellence Initiative – $10 million
b) High-poverty School Districts – $21 million
c) SAGE program – $27 million
d) Aid to Small Rural Schools – $3.7 million
e) Supplemental Special Education – $1.8 million
f) Four-year old Kindergarten – $3 million

Higher Education
1) University of Wisconsin System – Invests $159 million in the university including full funding for the UW Growth Agenda
2) Financial aid – $32 million
3) Veteran’s Tuition Remissions – $12 million

Jobs for the Future
1) Youth Apprenticeship Program – $1.6 million
2) WI Technical College System worker training program – $3 million

Economic Development
1) Renewable Energy Grants – $15 million in 2008-09 – $30 million in the next biennium
2) 2003 Act 255 Venture Capital and Angel Credits – $7.8 million
3) Dairy and Cheese Plant Modernization Tax Credits – $1.3 million
4) WI Development Fund – $1.4 million
5) Economic Development Promotion – $750,000
6) Soybean Crusher – $4 million
7) Paper Mill Energy Independence – $7 million
8) Ethanol and Bio-diesel Fuel Pumps – $750,000
9) Bio-fuel production tax credit – $2.6 million

Health Care
1) BadgerCare Plus – covering all kids
2) Tobacco Use Control Grants -$5 million increase per year
3) Family Care Expansion – $20 million
4) Foster Care Rate increases – $1.6 million

Tax Cuts
1) Health Insurance Premium Tax Deduction – $11.8 million in 2008-09 and $149 million when fully phased-in
2) Retirement Pension Tax Exemption – $2.5 million in 2008-09
3) Child Care Tax Deduction – $16 million per year when fully phased-in
4) College Tax Deduction – $4.8 million Budget Reserve
1) The budget will end with a reserve of $65 million. With a rainy day fund of $55 million, the state will have a total of $120 million in reserve.

More later.

Thomas J. Mertz

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Filed under AMPS, Budget, Local News, School Finance

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