Madison, WI 53703
Dear Patrick:
I am pleased to transmit to you the following report to the 2007 Legislature on legislation introduced by the Joint Legislative Council:
RL 2007-07 Special Committee on Nuclear Power
[2007 Assembly Bills 346, 347 and 348]
RL 2007-08 Special Committee on Placement of Sex Offenders
[2007 Assembly Bill 332]
I would appreciate your including this letter in the Journal for the information of the membership. Additional copies of this report are available in the Legislative Council Staff offices, One East Main, Suite 401, or from our web page at
www.legis.state.wi.us/lc/reports_by_topic.htm.
Sincerely,
Terry C. Anderson
Director
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Referral of Agency Reports
State of Wisconsin
Department of Administration
Madison
May 31, 2007
To the Honorable, the Legislature:
This report is transmitted as required by s.
20.002(11)(f), Wisconsin Statutes, (for distribution to the appropriate standing committees under s.
13.172(3), Wisconsin Statutes) 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 cash balances during the month of April 2007.
On April 5, 2007, the General Fund cash balance closed at a negative $45.7 million. This negative balance continued intermittently through April 19, 2007, when the fund's cash balance closed at a positive $73.0 million. The General Fund cash balance reached its intra‐month low of a negative $397.0 million on April 13, 2007. The negative balance was due to the difference in the timing of revenues and expenditures.
On April 1, 2007, the Wisconsin Health Education Loan Repayment Fund cash balance closed at a negative $2.0 thousand. This negative balance continued through April 30, 2007, when the fund's cash balance closed at a negative $2.0 thousand. The negative balance was due to the difference in the timing of revenues and expenditures.
The General Fund and Wisconsin Health Education Loan Repayment Fund shortfalls were not in excess of the statutory interfund borrowing limitations 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, and as a result, the funds requiring the use of the authority will effectively bear the interest cost.
Sincerely,
Michael L. MOrgan
Secretary
Referred to committee on Ways and Means.
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Representative J. Fitzgerald moved that the Assembly stand adjourned until 10:00 A.M. on Tuesday, June 5.
The question was: Shall the Assembly stand adjourned?
Motion carried.
The Assembly stood adjourned.
2:01 P.M.
