Assembly Bill 815 relating to: adopting federal law as it relates to health savings accounts for state income and franchise tax purposes.
Thank you for your time.
Sincerely,
Rob Kreibich
State Representative
93rd Assembly District
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February 11, 2004
Patrick Fuller
Assembly Chief Clerk
208 RJC
Dear Chief Clerk Fuller:
On Monday afternoon, I mistakenly left Representative Albers off the list of co-sponsors of Assembly Joint Resolution 66. Since it was my error, I would appreciate it if you could add her as an original co-sponsor of this constitutional amendment.
Thank you.
Sincerely,
Jolene R. Churchill
Assistant
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Reference Bureau Corrections
Assembly Bill 818
1. Page 3, line 10: delete "misdemeanor" and substitute "felony".
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Referral of Agency Reports
State of Wisconsin
Department of Administration
Madison
January 30, 2004
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 December 2003.
On December 1, 2003, the General Fund cash balance closed at a negative $185.0 million. The negative balance continued until December 15, 2003, when the balance closed at a positive $35.2 million. The General Fund cash balance reached its monthly low of a negative $200.3 million on December 11, 2003. The negative balance was due to the difference in the timing of revenues and expenditures.
On December 1, 2003, the Agricultural Chemical Cleanup Fund cash balance closed at its monthly low of a negative $115.0 thousand. The negative balance continued until December 10, 2003, when the balance closed at a positive $9.0 thousand. The negative balance was due to the difference in the timing of revenues and expenditures.
A700
On December 23, 2003, the
Historic Preservation Partnership Fund cash balance closed at its monthly low of a negative $6.0 thousand. The negative balance continued until December 29, 2003, when the balance closed at a positive $36.0 thousand. The negative balance was due to the startup of the fund and a difference in the timing of revenues and expenditures.
The General Fund, Agricultural Chemical Cleanup Fund, and the Historic Preservation Partnership 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,
Marc J. Marotta
Secretary
Referred to committee on Ways and Means.
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State of Wisconsin
Department of Administration
Madison
February 10, 2004
To the Honorable, the Legislature:
Included with this correspondence, I am submitting the report of the Department of Administration, Division of Gaming (Gaming), for the second quarter of fiscal year 2004 (October 1, 2003 through December 31, 2003). As required by s.
562.02 (1)(g), Wis. Stats., the attached materials contain pari-mutuel wagering and racing statistical information, as well as the revenues for the program areas of Racing, Charitable Gaming, Bingo and Indian Gaming.
If you have any questions or comments regarding the report, please do not hesitate to contact Rachel Meek at (608) 270-2535.
Sincerely,
Linda Minash
Acting Division Administrator
Referred to committee on State Affairs.
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Agency Reports
State of Wisconsin
Investment Board
Madison
February 2004
To the Honorable, the Legislature:
I am pleased to present the Annual Financial Report on behalf of the State of Wisconsin Investment Board for the fiscal year ending June 30, 2003. Total assets under management at fiscal year end were $61.2 billion, with 90% or $55.3 billion, in the Wisconsin Retirement System (WRS).
The US equity market has begun to show signs of recovery; however, there has been a substantial weakening in the US bond market. As a result, the Fixed (balanced) Trust Fund reported a 4.6% return for the fiscal year. On a ten-year basis, the 8.5% average annual rate of return for the Fixed Fund is ahead of the 8% actuarial benchmark. The Variable Trust Fund returned -1.9% for the year compared to -0.4% for the benchmark.
Annually, the Board reviews the asset allocation for both retirement funds and considers changes based upon expected returns under a variety of possible economic conditions. Given the large size of the WRS trust funds, it is not possible to effectively "time the markets" based on possible geopolitical events or short-term economic developments.
Our asset allocation process determines how investments are divided among broad asset classes, such as stocks, bonds and other types of investments. It is the starting point and key element for achieving successful investment returns. With the help of outside consultants, each year the Board and staff conduct a formal asset allocation review that results in policy and funding recommendations. In 2003, this review concluded that stocks and other equities are likely to outperform most other forms of investments over the next several market cycles.
The asset allocation process is a fundamental way in which SWIB works to ensure that the WRS will continue to meet participants' pension needs. By following this disciplined approach we are more likely to achieve success in difficult and changing market conditions.
Sincerely,
Patricia Lipton
Executive Director
