Assembly Bill 688 aims to provide additional supplemental county and municipal aid to cities, villages, and towns in Wisconsin with populations exceeding 50,000 as of 2022. Starting in 2026, these municipalities will receive a one-time payment of $16,257,500, which will be distributed proportionally based on their populations. Future payments will increase annually based on the percentage change in sales and use tax revenue from the previous fiscal year. The bill also stipulates that these additional payments will not affect eligibility for the expenditure restraint incentive program, which is determined by property tax levies and budget increases.

Additionally, the bill establishes a Shared Revenue Advisory Council within the Department of Revenue, which will convene after each federal decennial census. This council will consist of various appointed members, including state legislators and representatives from municipal associations. Its responsibilities include studying revenue and expenditure variations among municipalities, evaluating existing aid formulas, and making recommendations for future aid distributions. The council's recommendations must ensure that no county or municipality receives a decrease in total aid payments and must consider changes in population and property values. The council is required to submit a report to the legislature by January 1 of the second year following the census, along with requests for legislative and fiscal analyses based on its recommendations.

Statutes affected:
Bill Text: 79.037(3), 79.037