It doesn’t matter what your occupation is – chances are you pay attention to your bank balance, your checking account, your debit card. Well State Senator Howard Marklein is keen on doing that for the state’s checkbook too.
Marklein spoke with the Midwest Farm Report about numbers recently released by the Legislative Fiscal Bureau regarding the states collected taxes, and believe it or not – it wasn’t all bad. Marklein says the numbers were updated as of June 30th, and show the state’s general purpose revenue saw about a 1.1% increased in collected taxes over a year ago, and a 1.3% increase over what was budgeted. That means the state was able to transfer more than $105 million into the “rainy day fund” – which Marklein believes the state will definitely need in overcoming shortfalls created by covid-19.
Marklein says it’s critical that farmers and agribusinesses stay aware of these numbers because of its potential impact on many farm programs ranging from the Dairy Innovation Hub project to county fair funding.