State of Wisconsin
Legislative Audit Bureau
Madison
January 27, 2005
To the Honorable, the Legislature:
We have completed a financial audit of WHA Radio, as requested by the University of Wisconsin-Extension to fulfill the audit requirements of the Corporation for Public Broadcasting. The Corporation requires audited financial statements of public broadcasting entities to determine future funding levels.
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WHA Radio is licensed to the Board of Regents of the University of Wisconsin System and is operated by the University of Wisconsin-Extension. WHA Radio earned $8.7 million in revenues during fiscal year 2003-04, including state support, member contributions, funding from the Corporation for Public Broadcasting, and various other grants.
Our audit report contains the financial statements and related notes for the period July 1, 2003 through June 30, 2004. We were able to issue an unqualified independent auditor's report on these statements.
We appreciate the courtesy and cooperation extended to us by University of Wisconsin-Extension staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
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State of Wisconsin
Investment Board
Madison
January 31, 2005
To the Honorable, the Assembly:
I have enclosed a copy of the FY 2004 Annual Fiscal Report and Schedule of Investments for the State of Wisconsin Investment Board. The report contains Independent Auditor's Reports, prepared by the Legislative Fiscal Bureau, for the funds that we manage. They include the Fixed and Variable Funds of the Wisconsin Retirement System, the State Investment Fund and various smaller funds.
I have attached an electronic copy for you to distribute to the members of the Assembly. Please contact Sandy Drew (261-0182) if anyone would prefer a hard copy of either. Thank you.
Sincerely,
David C. Mills
Executive Director
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State of Wisconsin
Legislative Audit Bureau
Madison
February 2, 2005
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, 2004 and 2003. 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. Wisconsin continued to experience higher unemployment rates, reaching a seasonally adjusted rate of 5.8 percent in January 2003. As a result, unemployment benefit payments exceeded employer contributions and other revenues, causing the Unemployment Reserve Fund balance to decline. The June 30, 2004 fund balance of $971.0 million is the lowest fund balance during the past 16 years. In contrast, the fund balance reached a high of $1.9 billion as of June 30, 2000. As required by s.
16.48, Wis. Stats., the Secretary of the Department of Workforce Development recently reported to the Legislature on the overall financial condition and outlook of the Unemployment Reserve Fund, including suggestions for increasing the fund balance to ensure sufficient reserves are maintained.
Accompanying the financial statements is the Schedule of Cash Balance Related to Taxable Employers. This cash balance is used to determine the tax rate schedule that applies to taxable employers. Section
108.18(3m), Wis. Stats., currently requires the second-highest tax rate schedule to be applied when the cash balance as of June 30 is between $300 million and $900 million. Because the June 30, 2004 cash balance related to taxable employers was $812.3 million, the second-highest of the four tax rate schedules will be applied to taxable employers in calendar year 2005. It is estimated that the higher tax rates will require employers to pay an additional $30.0 million into the Unemployment Reserve Fund during 2005.
We appreciate the courtesy and cooperation extended to us by Department of Workforce
Respectfully submitted,
Janice Mueller
State Auditor
