Representative Powers has been notified of this re-referral and approves.
Sincerely,
Scott R. Jensen
Assembly Speaker
__________________
Reference Bureau Corrections
Assembly Amendment 4 to Assembly Bill 111
1. Page 1, line 4: delete "and 8" and substitute "to 9".
__________________
Assembly Joint Resolution 25
1. Page 2, line 8: delete "assembly assembly senate" and substitute "assembly, the senate".
__________________
Referral of Agency Reports
State of Wisconsin
Department of Public Instruction
Madison
March 22, 2001
To the Honorable, the Assembly:
As required under §
115.361, Wis. Stats., the Department of Public Instruction must evaluate the effectiveness of alcohol and other drug prevention strategies most commonly used in Wisconsin schools and funded through grants appropriated by the legislature.
The department has completed an annual report of these activities conducted by the state's public schools. A copy of the final report of the study is enclosed. The report, which covers the 1999-2000 school year, focuses on whether or not programs that began with categorical funds were sustainable as well as how programs were modified from their originally proposed objectives. A summary of the number of individuals served through each unique strategy used by schools is included.
If you have questions regarding the findings, please call Steve Fernan at (609) 266-3889.
Sincerely,
John T. Benson
State Superintendent
Referred to committee on Education.
__________________
State of Wisconsin
Investment Board
Madison
March 29, 2001
To the Honorable, the Legislature:
Pursuant to ss.
25.17(14g) and
(14m), Stats., I have attached a copy of the annual report to the Legislature regarding goals, long-term strategies and performance. As we did last year, we have combined the two reports to make it easier to understand the relationship between our strategies and performance.
Reflecting a downturn in both national and global markets, total assets under management fell from $69.2 billion at the end of 1999 to $67.0 billion as of December 31, 2000.
The -0.8% annual investment return for the Fixed Trust Fund exceeded the -1.4% for the investment benchmark, but trailed the 8.0% actuarial target to finance retirement benefits over the long term. The Fixed Fund, however, surpassed the 8% target and its performance benchmark on a five- and ten-year basis.
The -7.2% return for the Variable Fund surpassed a -8.8% return for its benchmark and a -9.1% return for the S&P 500. The Variable Fund also beat its five- and ten-year benchmarks.
The State Investment Fund gained 6.3%, exceeding the 6.0% benchmark return. It also exceeded its benchmark for the five- and ten-year periods as well. For the year ending December 31, 2000, SIF's 6.29% return ranked 2nd out of 222 government funds in the iMoneyNet Government Fund (formerly IBC/Donoghue Government Index) and 97th out of 1,023 money market funds in the iMoneyNet All Taxable Money Market Index (top 10%). Without the 1995 derivatives loss, SIF's return of 6.42% would have ranked 1st out of the 222 Government Funds and 36th out of the 1,023 Money Market Funds (top 4%).
For the third consecutive year, investments in Wisconsin companies exceeded $1 billion. The Board has also allocated up to $65 million to be invested in biotechnology ventures in Wisconsin and the Midwest. As of the end of 2000, approximately $8 million of those funds had been invested by two Wisconsin venture capital firms.
Following an extensive asset allocation review for 2000, we made several strategic changes to individual portfolios. We conducted another extensive asset allocation review for 2001. Based on that review, the Board decided to continue the course with a few exceptions as the review indicated that the trust funds are generally well positioned. The changes that we are implementing for 2001 are highlighted in the report.
Finally, I want to thank the Legislature for the increased budgetary authority that we received in the 1999-2001 biennial budget. It has allowed us to implement an improved compensation program, which in turn helps us to be more successful in retaining and recruiting experienced investment personnel. With the increased authority, we are beginning to move more funds in-house for management.
Please contact me if you have questions about this report or other matters.
Sincerely,
Patricia Lipton
Executive Director
