(WisBusiness) THURS News Summary — 16 Oct. 2008

October 16, 2008

From WisBusiness.com …

— Gov. Jim Doyle said Wednesday the state deficit could reach more than $3 billion in the next biennial budget if a national recession continues into 2010 as pundits predict.

“Our economic outlook in this state is changing with the national economy,” Doyle said. “We don’t know where the bottom is for the national economy. We don’t know what the full effect is going to be by any means.”

Doyle said the deficit for the next biennium “could grow well beyond ($3 billion) if the nation’s economy continues to spiral downward.”

Doyle said state tax collections for this year are up only 0.4 percent. September tax collection reports, which reflect collections for the month of August, were down 4.8 percent across the board. Sales tax collections were down 10 percent, income tax collections were down 4.1 percent and corporate tax collections down 9.5 percent.

The state has lost 13,000 jobs from one year ago, and unemployment claims are up 26 percent over a year ago, he said.

Doyle said the estimate of a $3 billion shortfall only covers the cost to continue current programs, and warned the deficit could grow higher.

“The budget outlook for the state presents some very significant challenges as we go forward,” he said.

See more at www.wispolitics.com

— After her return from China, Lt. Gov. Barbara Lawton announced the formal signing of a student exchange agreement between the University of Wisconsin-Madison and Tsinghua University in Beijing, China. The agreement allows for the exchange of undergraduate students for semester and year-long programs of study beginning this year.

Lawton also reached an agreement for UW-Madison and Tsinghua University to form an exploratory commission to create a Global Manufacturing Institute. UW-Madison, the University of Warwick in England and Tsinghua University in China would partner in the project.

See more on Lawton’s trip:

http://www.wispolitics.com/index.iml?Article=139027

— Raymond B. Eby, a corporate development manager for 3M Finance, will be speaking at Madison’s Edgewood College today as part of the Smith & Gestland MBA Speaker Series. He’s due to discuss “The REAL multicultural dilemma: Growing a business on a global scale without going to jail (or otherwise embarrassing you company, friends, and family).”

The program starts at 5:30 p.m. at Edgewood College

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Press Releases
· Dept. of Revenue: September FY09 collections
· Dept. of Workforce Development: Governor Doyle announces additional assistance for dislocated workers at KMC Industries, LLC, Denmark
· PSC: Freeze your winter utility bills
· WISPIRG: Mayor Cieslewicz and community leaders join national coalition to announce five point plan for economic prosperity through transportation

For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82

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