Tuesday, September 26, 1995
10:00 A.M.
The Senate met.
The Senate was called to order by Senator Margaret Farrow.
The Chair, with unanimous consent, asked that the proper entries be made in the journal.
__________________
Read first time and referred:
Senate Bill 351
Relating to: credit union operation and authority, reorganizing the credit union chapter, granting rule-making authority and providing a penalty.
By
Senators
Zien, C. Potter, Rosenzweig, Rude, Jauch, Andrea, Burke, Chvala, Clausing, Cowles, Drzewiecki, George, Moen and Risser; cosponsored by Representatives Ourada, Grobschmidt, Otte, Baldus, Carpenter, La Fave, Ziegelbauer, Ainsworth, Baldwin, Baumgart, Bell, Bock, Boyle, Goetsch, Hanson, Gronemus, Hasenohrl, Huber, Johnsrud, Kreibich, Kreuser, Lehman, Musser, Notestein, Plombon, Ryba, Springer, Vander Loop, Wilder, Wirch and Wood
.
To committee on Education and Financial Institutions.
Senate Bill 352
Relating to: the issuance of higher education bonds and granting bonding authority.
By
Senators
Chvala, Jauch, Decker, Moen, Burke and Clausing; cosponsored by Representatives Plache, Williams, Black, Grobschmidt, Gronemus, Huber, Wirch, Notestein, R. Young, Meyer, Boyle and Baldwin
.
To committee on Education and Financial Institutions.
Senate Bill 353
Relating to: granting the department of veterans affairs increased bond refunding authority.
By
Senators
Zien, Fitzgerald, Breske and Rude; cosponsored by Representatives Musser and Foti
.
To committee on Human Resources, Labor, Tourism, Veterans and Military Affairs.
Senate Bill 354
Relating to: removal of a child from a foster home or treatment foster home.
By
Senators
Darling, Rude, Zien and Andrea; cosponsored by Representatives Vrakas, Musser, Gronemus, Hahn, Ainsworth, Baldus, Robson, Gunderson, Krusick, Hutchison, Harsdorf, Ott, Albers, Seratti and Silbaugh
.
To committee on Judiciary.
__________________
The committee on Judiciary reports and recommends:
Senate Bill 294
Relating to: placing foreign objects in edibles.
Passage.
Ayes, 5 - Senators Huelsman, Darling, Risser, Adelman and Burke.
Noes, 0 - None.
Joanne Huelsman
Chairperson
__________________
State of Wisconsin
Legislative Audit Bureau
September 21, 1995
The Honorable, The Legislature:
We have completed a review of the investments and investment practices of local governments, as requested by the Joint Legislative Audit Committee. The value of investments held on December 31, 1994, by the 672 local governments that responded to our survey was approximately $3.3 billion. Of these funds, approximately $2.5 billion was invested in the State Investment Fund and in financial institutions. The remainder was invested primarily in government and corporate securities.
We found the investment strategies used by most local governments to be conservative, emphasizing safety of public funds and investment liquidity. The level of risk in the investments typically being made by most local governments is reasonable.
Wisconsin currently appears to have few problems with local governments' investment practices. While the Legislature could consider a number of strategies that might limit potential problems in the future, including restricting allowable investments and limiting undesignated fund balances available for investing, devising restrictions that apply appropriately to all local units may be difficult.
Some local officials would oppose legislative changes that restrict investment alternatives or require certain actions because they expect the State to provide them maximum flexibility in managing local affairs. However, it is important that all the local governmental entities establish investment policies and procedures to ensure that public funds are kept safe and readily available for public purposes.
We appreciate the courtesy and cooperation extended to us by local officials and staff.
Sincerely,
dale cattanach
State Auditor
State of Wisconsin
Office of the Governor
September 14, 1995
The Honorable, The Senate:
I am pleased to nominate and with the advice and consent of the Senate, do appoint Bussan
, Brent,
of Livingston, as a member of the Wisconsin Technical College System Board, to serve for the term ending May 1, 1997.
Sincerely,
