On January 1, 2008, the Worker's Compensation Fund cash balance closed at a negative $4.7 million. This negative balance continued through January 23, 2008, when the fund's cash balance closed at a positive $175 thousand. The Worker's Compensation Fund cash balance reached its intra‐month low of a negative $4.8 million on January 4, 2008. The negative balance was due to the difference in the timing of revenues and expenditures.
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On January 1, 2008, the Injured Patients and Families Compensation Fund cash balance closed at a negative $52.5 million. This negative balance continued through January 31, 2008, when the fund's cash balance closed at a negative $45.0 million. The Injured Patients and Families Compensation Fund cash balance reached its intra‐month low of a negative $55.0 million on January 4, 2008. The negative balance was due to the transfer of $71.5 million to the General Fund per
2007 Wisconsin Act 20, and the pending liquidation of fund securities necessary to offset this shortfall.
On January 1, 2008, the Dry Cleaner Environmental Response Fund cash balance closed at a negative $16 thousand. This negative balance continued through January 23, 2008, when the fund's cash balance closed at a positive $381 thousand. The Dry Cleaner Environmental Response Fund cash balance reached its intra‐month low of a negative $17 thousand on January 3, 2008. The negative balance was due to the difference in the timing of revenues and expenditures.
On January 31, 2008, the Conservation Fund cash balance closed at a negative $1.5 million (its intra‐month low). The negative balance was due to the difference in the timing of revenues and expenditures.
The Wisconsin Health Education Loan Repayment Fund, Worker's Compensation Fund, Injured Patients and Families Compensation Fund, Dry Cleaner Environmental Response Fund, and Conservation 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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Agency Reports
State of Wisconsin
Legislative Audit Bureau
Madison
February 27, 2008
To the Honorable, the Assembly:
At your request, we have completed a limited‐scope review of the Department of Transportation's (DOT's) bridge inspection program. In fiscal year 2006‐07, DOT spent approximately $2.3 million to inspect Wisconsin's 5,188 state‐owned bridges, including an estimated $1.0 million to hire private consultants with specialized inspection expertise.
Federal and state law require DOT to inspect all bridges owned or maintained by the State at least once every 24 months. We found that 98.1 percent of routine inspections were completed on time between January 2003 and November 2007. During this period, 98.9 percent of routine inspections conducted on structurally deficient bridges, which are bridges that have deteriorated or developed structural problems, were completed within the required 24‐month intervals. Both of these inspection rates have improved since our 2001 evaluation of DOT's bridge inspection program (report 01‐17).
DOT has not implemented procedures for monitoring routine bridge maintenance work performed by county highway departments or verifying the cost of completed maintenance work. Therefore, we include a recommendation for DOT to develop policies and procedures to track the type and cost of routine bridge maintenance work performed by counties, which totaled $5.7 million in 2006.
In general, the condition of state‐owned bridges has improved in recent years. The percentage of state‐owned bridges that are structurally deficient declined from 7.4 percent in 2002 to 4.2 percent in 2007, when there were 219 such bridges statewide. However, 34 state‐owned bridges are more than 80 years old, exceeding the typical 75‐year life span of bridges.
We appreciate the courtesy and cooperation extended to us by DOT in conducting this review.
Sincerely,
Janice Mueller
State Auditor
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Representative J. Fitzgerald moved that the Assembly stand adjourned until 11:00 A.M. on Wednesday, March 5.
The question was: Shall the Assembly stand adjourned?
Motion carried.
The Assembly stood adjourned.
4:01 P.M.
