Legislative Audit Bureau
January 29, 2009
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.
WHA Radio is licensed to the University of Wisconsin System's Board of Regents and is operated by the University of Wisconsin-Extension. WHA Radio earned $10.3 million in revenues during fiscal year 2007-08, 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 as of and for the periods ended June 30, 2008, and June 30, 2007. 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
Department of Administration
January 30, 2009
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 December 2008.
On December 1, 2008, the General Fund cash balance closed at a negative $36.2 million. This negative balance continued through December 16, 2008, when the fund's cash balance closed at a positive $218.5 million. The General Fund cash balance reached its intra-month low of a negative $238.9 million on December 11, 2008. The negative balance was due ot the difference in the timing of revenues and expenditures.
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On December 1, 2008, the Injured Patients and Families Compensation Fund cash balance closed at a negative $123.7 million. This negative balance continued through December 31, 2008, when the fund's cash balance closed at a negative $103.2 million. The Injured Patients and Families Compensation Fund cash balance reached its intra-month low of a negative $123.8 million on December 3, 2008. The negative balance was due to the transfer of $200 million to the Medical Assistance Trust Fund per
2007 Wisconsin Act 20, and the pending liquidation of fund securities necessary to offset this shortfall.
On December 1, 2008, the Worker's Compensation Fund cash balance closed at a negative $2.6 million. This negative balance continued through December 29, 2008, when the fund's cash balance closed at a negative $395 thousand. The Workers Compensation Fund cash balance reached its intra-moth low of a negative $3.5 million on December 2, 2008. The negative balance was due to the difference in the timing of revenues and expenditures.
On December 1, 2008, the Utility Public Benefits Fund cash balance closed at a negative $4.1 million (its intra-moth low). This negative balance continued through December 31, 2008, when the fund's cash balance closed at a negative $3.9 million. The negative balance was due to a delayed transfer to the fund.
On December 18, 2008, the Conservation Fund cash balance closed at a negative $ 359 thousand. This negative balance continued through December 31, 2008, when the fund's cash balance closed at a neegative $12.4 million (its intra-month low). The negative balance was due to the difference in the timing of revenues and expenditures.
On December 18, 2008, the Dry Cleaner Environmental Repsonse Fund cash balance closed at a negative $15 thousand (its intra-month low). This negative balance continued through December 31, 2008, when the fund's cash balance closed at a negative $14 thousand. The negative balance was due to timing of revenues and expenditures.
The General Fund, Injured Patients and Families Compensation Fund, Workers Compensation Fund, Utility Public Benefits Fund, Conservation Fund, and Dry Cleaner Environmental Response 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 joint committee on Finance.
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Chief Clerk Marchant, with unanimous consent, asked that the Senate adjourn until Thursday, February 5, 2009, at 10:00 A.M.
Adjourned.
3:46 P.M.
