The Wisconsin Health Education Loan Repayment Fund and Wisconsin Health Insurance Risk Sharing Plan Fund shortfalls were not in excess of the statutory interfund borrowing limitation 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.
Referred to the joint committee on Finance.
State of Wisconsin
Legislative Audit Bureau
March 3, 2000
The Honorable, The Legislature:
We have completed a review of the financial condition of the Green Bay Packers, Inc., at the request of several legislators including Senator Robert Cowles, who first requested it. The review was conducted in the context of analyzing the Packers' $295.0 million proposal to renovate Lambeau Field using a combination of public and private funds.
We choose two methods to analyze the Packers' financial condition. First, we reviewed retained earnings reported in the Packers' financial statements, which are a measure of past profitability. The Packers' retained earnings increased from $40.5 million at the end of fiscal year (FY) 1994-95, to an estimated $83.9 million at the end of their current fiscal year, which is March 31, 2000. The Packers have benefitted from a number of years of record earnings, and our analysis confirms a healthy financial condition through the current fiscal year.
We also reviewed the Packers' cash and investments, which represent resources available to pay current and future salaries and other operating costs. Except in one year, available cash and investments have increased at a considerably slower pace than retained earnings. In response to the increased use of player signing bonuses throughout the National Football League, the Packers have used their available cash largely for this purpose, rather to increase their cash and investment balances. As a result, the Packers estimate they will not have sufficient cash in the current year, and they will need to liquidate more that $3.7 million in investments to pay expenses. To the extent the current year's decline is the beginning of a trend, it will be necessary for the Packers to secure additional revenues or limit future cost increases.
Packers officials believe that their proposal to renovate Lambeau Field will improve the financial condition of the franchise and position it competitively within the National Football League. We cannot determine whether the amount of additional net income that is estimated to be generated by the Packers' proposal - at least $20.2 million in FY 2004-05 - will be more or less than what is needed to accomplish these goals. We note, however, that if the stadium is renovated, the Packers project that by FY 2004-05, they will rank near the top third of all League franchises in total revenues.
We appreciate the courtesy and cooperation extended to us by the Packers during the course of this review.
State of Wisconsin
March 7, 2000
The Honorable, The Senate:
The following lobbyists have been authorized to act on behalf of the organizations set opposite their names.
For more detailed information about these lobbyists and organizations and a complete list of organizations and people authorized to lobby the 1999 session of the legislature, visit the Ethics Board's web site at http://ethics.state.wi.us
Andrews, Morris Wisconsin Sheriffs and Deputy Sheriffs Association
Broydrick, William Cornell Corrections
Chrnelich, Joseph M Milwaukee Athletic Club
Cullen, Lee Blue Cross/Blue Shield United of Wisconsin
Hanson, Thomas City Brewery - La Crosse
Hough, James E Midwest Express Airlines Inc
Kammer, Peter Cornell Corrections
McDowell, Kelly Apartment Association of Southeastern Wisconsin
Schreiber, Martin Apartment Association of Southeastern Wisconsin
Taylor, Chad Apartment Association of Southeastern Wisconsin
Also available from the Wisconsin Ethics Board are reports identifying the amount and value of time state agencies have spent to affect legislative action and reports of expenditures for lobbying activities filed by the organizations that employ lobbyists.
Senator Robson, with unanimous consent, asked that the Senate recess until 12:32 P.M..
The Senate reconvened.
Senator Risser in the chair.
Senator Chvala, with unanimous consent, asked that the Senate return to the third order of business.
Read first time and referred:
Senate Bill 449
Relating to: assigning a judgment in a tax foreclosure action.
To committee on Agriculture, Environmental Resources and Campaign Finance Reform.
Senate Bill 450
Relating to: distribution of national forest income payments from the federal government and making appropriations.
To joint committee on Finance.
The Chair, with unanimous consent, asked that the Senate return to the sixth order of business.
Senator Chvala, with unanimous consent, asked that all the appointments be taken up en masse.
Cerreta, Dennis M.,
of Pewaukee, as a member of the Examining Board of Architects, Landscape Architects, Professional Engineers, Designers and Land Surveyors, to serve for the term ending July 1, 2003.
of Oconomowoc, as a member of the Board of Nursing, to serve for the term ending July 1, 2003.
The question was: Confirmation?
The ayes and noes were required and the vote was: ayes, 33; noes, 0; absent or not voting, 0; as follows:
Ayes - Senators Baumgart, Breske, Burke, Chvala, Clausing, Cowles, Darling, Decker, Drzewiecki, Ellis, Erpenbach, Farrow, Fitzgerald, George, Grobschmidt, Huelsman, Jauch, A. Lasee, Lazich, Moen, Moore, Panzer, Plache, Risser, Robson, Roessler, Rosenzweig, Rude, Schultz, Shibilski, Welch, Wirch and Zien - 33.
Noes - None.
Absent or not voting - None.
Relating to listing fees for resident agents.
Submitted by Office of the Commissioner of Insurance.
Report received from Agency, March 6, 2000.
Referred to committee on Insurance, Tourism, Transportation and Corrections, March 7, 2000
Senate Bill 12
Relating to: escrowing certain payments to the federal government for the disposal of radioactive waste and making an appropriation.
Read a second time.
The question was: Adoption of Senate amendment 1 to Senate Bill 12?
The question was: Adoption of Senate amendment 2 to Senate Bill 12?