February 10, 2003
To the Honorable, the Legislature:
I have enclosed a copy of the State of Wisconsin's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2002. This Fiscal Year 2002 CAFR represents the first year in which the State is required to implement the provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. The Financial Section of this CAFR consists of four parts: (1) management's discussion and analysis, (2) basic financial statements, (3) additional required supplementary information, and (4) optional other supplementary information.
A63
Within the basic financial statements this CAFR contains the government-wide financial statements that provide a broad view of the State's operations, and the fund financial statements that focus on individual parts of the State government, reporting the State's operations in more detail than the government-wide statements. These financial statements also include notes that explain some of the information in the financial statements and provide more detail.
I am pleased to report that the Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the State of Wisconsin for its fiscal year 2001 CAFR. The GFOA's Certificate is a prestigious national award recognizing conformance with the highest standards for state and local government financial reports. The State of Wisconsin is again applying for the Certificate, and the 2002 CAFR has been submitted to the GFOA.
A copy of the CAFR is also available on the State of Wisconsin, Department of Administration homepage on the World Wide Web:
http://www.doa.state.wi.us/debf.
If you have specific. questions or comments regarding the CAFR's contents, please contact me at (608) 266-3628.
Sincerely,
William J. Raftery, CPA
State Controller
__________________
State of Wisconsin
Legislative Audit Bureau
Madison
February 12, 2003
To the Honorable, the Legislature:
We have completed a financial audit of WHA Radio, as requested by the University of Wisconsin-Extension to fulfill the audit requirements of the Corporation for Public Broadcasting. The Corporation requires audited financial statements of public broadcasting entities to determine future funding levels.
WHA Radio is licensed to the Board of Regents of the University of Wisconsin System and is operated by the University of Wisconsin-Extension. WHA Radio received $8.8 million in revenues during fiscal year 2001-02, including state support, member contributions, funding from the Corporation for Public Broadcasting, and various other grants.
Our audit report contains the financial statements and related notes for fiscal years 2001-02 and 2000-01. We were able to issue an unqualified independent auditor's report on these statements. A new financial reporting model was implemented for fiscal year 2001-02 that changed the presentation of the financial statements. An important feature of the new model is Management's Discussion and Analysis, which is prepared by management of WHA Radio and provides an overview of the financial statements and an analysis of financial results.
We appreciate the courtesy and cooperation extended to us by University of Wisconsin-Extension staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
__________________
State of Wisconsin
Legislative Audit Bureau
Madison
February 12, 2003
To the Honorable, the Legislature:
We have completed a financial audit of WHA Television, as requested by the University of Wisconsin-Extension to fulfill the audit requirements of the Corporation for Public Broadcasting. The Corporation requires audited financial statements of public broadcasting entities to determine future funding levels.
WHA Television is licensed to the Board of Regents of the University of Wisconsin System and is operated by the University of Wisconsin-Extension. WHA Television received $16.2 million in revenues during fiscal year 2001-02, including state support, member contributions, funding from the Corporation for Public Broadcasting, and various other grants.
Our audit report contains the financial statements and related notes for the period July 1, 2001 through June 30, 2002. We were able to issue an unqualified independent auditor's report on these statements. A new financial reporting model was implemented for fiscal year 2001-02 that changed the presentation of the financial statements. An important feature of the new model is Management's Discussion and Analysis, which is prepared by management of WHA Television and provides an overview of the financial statements and an analysis of financial results.
We appreciate the courtesy and cooperation extended to us by University of Wisconsin-Extension staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
