This report is transmitted as required by sec. 20.002(11)(f), Wis. Stats. (for distribution to the appropriate standing committees under sec. 13.172(3), Wis. Stats.), and confirms that the Department of Administration has found it necessary to exercise the "temporary reallocation of balances" authority provided by this section in order to meet payment responsibilities and cover resulting negative balances during the month of October 2000.
On October 1, 2000 the Wisconsin Health Education Loan Repayment Fund balance was -$5 thousand. This shortfall increased to -$7 thousand on October 19, 2000, decreased to -$2 thousand on October 24, 2000, and continued into the month of November. As of the date of this letter, it is expected to be resolved soon. This shortfall was due to the timing of revenues.
On October 1, 2000 the Utility Public Benefits Fund balance was -$2 thousand. This shortfall increased to -$905 thousand on October 24, 2000, to -$1.38 million on October 31, 2000, and continued into the month of November. This shortfall was due to the timing of revenues.
On October 26, 2000 the University Trust-Income Fund balance was -$61 thousand. This shortfall increased to -$91 thousand on October 30, 2000, and continued until October 31, 2000 when the balance reached $289 thousand.
The Wisconsin Health Education Loan Repayment Fund, Utility Public Benefits Fund, and University Trust-Income Fund shortfalls were not in excess of the statutory interfund borrowing limitation and did not exceed the balances of the Funds available for interfund borrowing.
The distribution of interest earnings to investment pool participants is based on the average daily balance in the pool and each fund's share. Therefore, the monthly calculation by the State Controller's Office will automatically reflect the use of these temporary reallocations of balance authority.
Sincerely,
George Lightbourn
Secretary
Referred to committee on Ways and Means.
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State of Wisconsin
Department of Revenue
Madison
November 29, 2000
To the Honorable, the Assembly:
In accordance with section 71.55(10)(e), Wis. Stats. (1997-98), I am enclosing copies of the Department of Revenue reports on Distribution of enrollment cards for the Wisconsin State Medical Society "Partnercare" program.
Sincerely,
Cate Zeuske
Secretary
Referred to committee on Health.
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Agency Reports
State of Wisconsin
Legislative Audit Bureau
Madison
December 5, 2000
To the Honorable, the Legislature:
We have completed a financial audit of the State of Wisconsin Unemployment Reserve Fund for the years ended June 30, 2000 and 1999. We performed the audit at the request of the Department of Workforce Development and to meet our audit responsibilities under s.
13.94, Wis. Stats.
Our audit report contains our unqualified opinion on the financial statements and related notes, as well as on the Schedule of Adjusted Cash Balance Related to Taxable Employers. As shown in the Schedule, the available balance increased over $83 million during the past fiscal year, to nearly $1.8 billion as of June 30, 2000. This cash balance is used to determine the tax rate schedule that applies to taxable employers, and s.
108.18(3m), Wis. Stats., currently allows the lowest tax rate to be applied when the cash balance as of June 30 is at least $1.2 billion. For each of the past 11 years, the June 30 cash balance has exceeded the amount that allows the Fund to apply the lowest tax rate schedule for taxable employers. The Legislature has periodically adjusted the tax rate schedules based on the available cash balance.
We appreciate the courtesy and cooperation extended to us by Department of Workforce Development staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
