If you have any questions relative to this report, please call Bob Williams, Fairs Coordinator at 608/224-5131.
Sincerely,
Alan Tracy
Secretary
State of Wisconsin
Office of the Secretary of State
To the Honorable, the Senate:
Sincerely,
Douglas La follette
Secretary of State
State of Wisconsin
Legislative Audit Bureau
April 20, 1995
The Honorable, The Legislature:
As required by s.
13.94(1)(de), Wis. Stats., we have completed a financial audit of the Local Government Property Insurance Fund, which provides property insurance to local units of government and is administered by the Office of the Commissioner of Insurance. We were able to provide an unqualified auditor's report on the Fund's financial statements for the fiscal years ending June 30, 1994 and 1993. We also reviewed the Property Fund surplus.
The surplus has increased by $2.9 million in the last two years, to $23.4 million as of June 30, 1994. In response to our prior audit recommendations to reduce the surplus, the Property Fund reduced premium rates by 10 percent effective July 1, 1993, and distributed a $6.7 million dividend to policyholders in October and November 1994. However, the Property Fund continues to maintain a large surplus compared to the surplus levels maintained within the insurance industry.
1991 Wisconsin Act 269 transferred $10 million from the Property Fund to the General Fund. Section
605.35, Wis. Stats., requires the loan to be repaid in five annual installments of $2 million, plus accrued interest, with the first payment to be made on or before June 30, 1995. In September, 1994, the first installment payment was made. The Property Fund was repaid principal of $2 million, without interest. However, the Governor's 1995-97 biennial budget proposal includes a provision that the outstanding principal balance be paid in full, without interest, on the date that the budget becomes law. If the budget bill is not enacted into law before the interest accrued becomes due on June 30, 1995, there is some question as to whether the $721,039 of interest accrued as of June 30, 1994, and other interest accrued before June 30, 1995, would be forgiven.
We appreciate the courtesy and cooperation extended to us by the staff of the Office of the Commissioner of Insurance and the private firms responsible for the administration of the Property Fund.
Sincerely,
Dale Cattanach
State Auditor
__________________
State of Wisconsin
Office of the Governor
April 20, 1995
To the Honorable, the Senate:
The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:
Sincerely,
TOMMY G. THOMPSON
Governor
Relating to setting RACT VOC emission limits for wood furniture coating.
Submitted by Department of Natural Resources.
Report received from Agency, April 19, 1995.
Referred to committee on Environment and Energy,
April 26, 1995.
Relating to the county administration of the private well code.
Submitted by Department of Natural Resources.
Report received from Agency, April 19, 1995.
Referred to committee on Environment and Energy,
April 26, 1995.
Relating to the control of volatile organic compound emissions from autobody refinishing.
Submitted by Department of Natural Resources.
Report received from Agency, April 19, 1995.
Referred to committee on Environment and Energy,
April 26, 1995.
Relating to the performance of cerumen management by audiologists.
Submitted by Department of Regulation and Licensing.
Report received from Agency, April 19, 1995.
Referred to committee on Business, Economic Development and Urban Affairs, April 26, 1995
.
Relating to administrative suspension of operating privilege for operating a motor vehicle with a prohibited blood alcohol concentration.
Submitted by Department of Transportation.
Report received from Agency, April 24, 1995.
Referred to committee on Transportation, Agriculture and Local Affairs, April 26, 1995
.
__________________
The Committee on Business, Economic Development and Urban Affairs reports and recommends:
Relating to requirements for.
No action taken.
Relating to continuing education courses.
No action taken.
Relating to unprofessional conduct.
No action taken.
Relating to definitions, responsibilities and duties, self-dealing, inspections and disclosure requirements for.
No action taken.
Relating to the regulation of auctioneers and auction companies.
No action taken.
Relating to the unifor.
No action taken.
Relating to maintaining eligibility of temporary permits.
No action taken.
Relating to pari-mutuel racing totalizator license fees, association license fees and food service concessionaire licenses fees.
No action taken.
Relating to the certification and regulation of dietitians.
No action taken.
George Petak
Chairperson
The Committee on Environment and Energy reports and recommends:
