Wisconsin State Journal Editorial:

Wisconsin’s state government ended the past fiscal year with a giant deficit of $2.15 billion, according to the accounting methods used by most businesses.
But the state’s books show a cozy balance of $49.2 million.
The discrepancy results from years of Wisconsin governors and legislators manipulating the accounting process to hide irresponsible budget decisions.
Those accounting tricks must stop. Wisconsin should begin to hold itself to the more business-like accounting methods used by Wall Street and by 16 other states the Generally Accepted Accounting Principles, known as GAAP.

Wisconsin’s fiscal situation makes it unlikely that there will be substantial changes in state funding for K-12 schools, particularly for rich districts like Madison that spend 23% ($333,000,000 for 24,576 students) more per student than the state average. Current state law penalizes districts that increase local school spending (property taxes) via referendum via reduced state aids. This means that for every $1.00 of new local spending above state revenue growth caps, Madison taxpayers must pay $1.61.
The 2/20/2007 and 04/03/2007 school board election presents an interesting contrast between candidates who believe that the best interests of our children are served by advocating for larger state spending beyond the typical 3.5%+ annual increases in the District’s budget and those who view the likelihood of substantial state changes for rich districts, like Madison as remote and therefore advocate more efficient management of the extraordinary resources we currently have. Health care costs present a useful example of this issue: Inaction [What a Sham(e)] vs discussion and some changes (in this example, 85% of the health care cost savings went to salaries).]