Relating to: providing certain municipalities with additional supplemental county and municipal aid and establishing a Shared Revenue Advisory Council. (FE)

AB 688 creates a temporary Shared Revenue Advisory Council to review and recommend improvements to how Wisconsin distributes supplemental county and municipal aid. The council, composed of legislative leaders, local association representatives, and the revenue secretary, must study revenue variations, evaluate current distribution formulas, and propose fairer methods for 2027 and beyond. It requires the council to submit recommendations by January 2027, including a formula that maintains or increases aid for all counties/municipalities and accounts for population and equalized value changes. The bill also establishes a new funding mechanism: starting in 2026, payments will adjust annually based on tax revenue changes (using $16.2575 million as the base for 2026-27) and include a population-based supplement for larger cities. This directly affects all Wisconsin counties and municipalities receiving supplemental aid under existing statutes.