State Debt Rises Along with School Funds

Karen Lincoln Michel:

Wisconsin schools got the budget increases they wanted, but the money comes at a cost of $195 million in debt interest over the next 20 years, according to figures by the governor’s budget office.

In the state budget signed Monday, Gov. Jim Doyle through his partial veto power transferred $159 million from the transportation budget to the general fund to help pay for the $861 million increase in K-12 funding.

To recapture some of the costs while maintaining all current road projects slated for the 2005-07 budget, Doyle created $213.1 million in bonding to fund the Marquette Interchange project in Milwaukee — resulting in $158 million in debt interest over the next 20 years. In addition, Doyle authorized $52 million in bonding for major road projects, resulting in $37 million in debt interest over the same period.

Posted by Jim Zellmer at July 27, 2005 10:01 PM
Subscribe to this site via RSS/Atom: Newsletter signup | Send us your ideas