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WisBusiness: State expects $1.6B deficit this year in unemployment fund

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WisBusiness: State expects $1.6B deficit this year in unemployment fund Empty WisBusiness: State expects $1.6B deficit this year in unemployment fund

Post by Jobless_in_Ma on Wed Mar 30, 2011 7:59 pm

The state expects a $1.6 billion deficit in its unemployment insurance reserve fund this year, a DWD official told an Assembly committee today.

Andrea Reid, deputy administrator of the DWD's UI division, said the agency expects that shortfall to improve slightly next year and projects a deficit of $1 billion in 2013, a total that's "better than we anticipated a year to 18 months ago."

But Reid also told the Assembly Labor and Workforce Development Committee the state could face an interest payment of nearly $50 million this fall after borrowing from the federal government to cover unemployment claims since early 2009. After two years of federal exemptions for states' unemployment loans, Wisconsin began accruing interest on Jan. 1, with a payment due at the end of September.


http://www.wisbusiness.com/index.iml?Article=231812

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