Thursday, June 19, 1997
10:00 A.M.
Ninety-Third Regular Session
The Senate met.
The Senate was called to order by Senator Fred Risser.
The Chair, with unanimous consent, asked that the proper entries be made in the journal.
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The joint committee on Finance reports and recommends:
Senate Bill 77
Relating to: state finances and appropriations, constituting the executive budget act of the 1997 legislature, and making appropriations.
Introduction and adoption of Senate substitute amendment 1.
Ayes, 10 - Senators Burke, Decker, Shibilski; Representatives Jensen, Ourada, Harsdorf, Albers, Gard, Kaufert and Linton.
Noes, 6 - Senators George, Jauch, Wineke, Cowles, Panzer and Representative Coggs.
Passage as amended.
Ayes, 10 - Senators Burke, Decker, Shibilski; Representatives Jensen, Ourada, Harsdorf, Albers, Gard, Kaufert and Linton.
Noes, 6 - Senators George, Jauch, Wineke, Cowles, Panzer and Representative Coggs.
Brian Burke
Senate Chairperson
Pursuant to Joint Rule
41 (1)(b), the Joint Survey committee on Retirement Systems may, at the discretion of the committee, prepare a report on the retirement provisions contained in Senate substitute amendment 1 to
Senate Bill 77.
State of Wisconsin
Joint Survey Committee on Tax Exemptions
June 19, 1997
Report of joint survey committee on Tax Exemptions received.
Senate Bill 77
Relating to: state finances and appropriations, constituting the executive budget act of the 1997 legislature, and making appropriations.
Senate Substitute Amendment 1
The joint Survey committee on Tax Exemptions expresses no opinion on the desirability of these proposals as a matter of public policy.
Joseph Wineke
Senate Chairperson
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State of Wisconsin
Department of Administration
June 12, 1997
The Honorable, The Legislature:
This report is required by sec. 20.002(11)(f) of the Wisconsin Statutes, (for distribution to the appropriate standing committees under sec. 13.172(3) Stats.), 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 balances during the month of May, 1997.
On May 1, 1997 the Wisconsin Health Education Loan Repayment Fund balance was -$3 thousand. This shortfall continued until May 28, 1997 when the balance reached $12 thousand. This shortfall was due to the timing of revenues.
On May 2, 1997 the University Trust Fund-Principal balance was -$302 thousand. This shortfall continued until May 5, 1997 when the balance reached $1.03 million. This shortfall was due to a delayed transfer to the fund.
On May 20, 1997 the Wisconsin Petroleum Inspection Fund balance was -$2.88 million. This shortfall continued until May 23, 1997 when the balance reached $6.98 million. This shortfall was due to the timing of revenues.
The Wisconsin Health Education Loan Repayment, University Trust-Principal and Petroleum Inspection Fund shortfalls were not in excess of the $400 million ceiling 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.
Sincerely,
Mark D. Bugher
Secretary
Referred to joint committee on Finance.
State of Wisconsin
Legislative Audit Bureau
June 18, 1997
The Honorable, The Senate:
S205
We have completed an audit of the Universal Service Fund financial statements, as requested by the Public Service Commission, for the period January 1, 1996 through December 31, 1996. Calendar year 1996 was the first year of operations for the Universal Service Fund, which was created, in part, to ensure Wisconsin residents receive essential telecommunication services at reasonable prices and that they have access to certain advanced telecommunication capabilities, such as the Internet.
Our financial audit included tests to ensure that the financial statements are fairly presented and to assess the internal control policies and procedures and compliance with statutory requirements. We were able to express an unqualified audit opinion on the financial statements.
Copies of the audit report have been distributed to members of the Joint Legislative Audit Committee and those required by law to receive them. If you are interested in receiving a copy of this report, please contact our office.
Sincerely,
Dale Cattanach
State Auditor
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