Tuesday, December 21, 2004
Ninety-Sixth Regular Session
The Chief Clerk makes the following entries under the above date:
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Speaker's Appointments
December 15, 2004
Representative John Townsend
22 West
State Capitol
Madison, Wisconsin
Dear Representative Townsend:
Representative Freese is unable to attend the meeting of the Assembly Committee on Electronic Democracy and Government Reform on December 15, 2004. Representative Mark Gottlieb will substitute for Representative Freese in that meeting.
Sincerely,
John G. Gard
Speaker
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Referral of Agency Reports
State of Wisconsin
Department of Administration
Madison
November 30, 2004
To the Honorable, the Legislature:
This report is transmitted as required by s.
20.002(11)(f), Wisconsin Statutes, (for distribution to the appropriate standing committees under s.
13.172(3), Wisconsin Statutes), 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 cash balances during the month of October 2004.
On October 1, 2004, the
Medical Assistance Trust Fund cash balance closed at its intramonth low of a negative $195.9 million. The fund's negative cash balance continued through October 31, 2004, when the fund's cash balance closed at a negative $191.7 million. The deficit is due to federal revenues falling short of estimates included in
2003 Wisconsin Act 33.
On October 1, 2004, the Agricultural Chemical Cleanup Fund cash balance closed at a negative $10.0 thousand. The fund's negative balance continued through October 31, 2004, when the fund's cash balance closed at a negative $5.0 thousand. The negative balance was due to the difference in the timing of revenues and expenditures.
The Medical Assistance Trust Fund and the Agricultural Chemical Cleanup Fund shortfalls were not in excess of the statutory interfund borrowing limitations 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, and as a result, the funds requiring the use of the authority will effectively bear the interest cost.
Sincerely,
Marc J. Marotta
Secretary
Referred to committee on Ways and Means.
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State of Wisconsin
College Savings Program Board
Madison
November 30, 2004
To the Honorable, the Assembly:
We are pleased to submit the EdVest College Savings Program Annual Report for the 2003-2004 Fiscal Year ending June 30, 2004. This seventh annual report includes summaries of an actuarial valuation and a program audit as well as discussion of the key developments in the program over the past fiscal year. The program experienced continued significant growth and success in FY04. As of June 30, we were meeting the college savings needs of nearly 180,000 families nationwide with over $1.1 billion in assets under management.
A1001
The most significant event of the year for the program was New York Attorney General Elliot Spitzer's widespread investigation into trading practices in the mutual fund industry. Strong Capital Management. Inc. which serves as
EdVest's program manager was named in the investigation and reached a settlement with regulators in May 2004. In response to the mutual fund investigations, the Board and the Department of Administration hired an independent consultant to recommend four mutual fund options from companies other than Strong, and worked with Strong to make them available as part of the
EdVest program. Beginning December 15, 2003
EdVest participants were able to select among the Vanguard Stock Index portfolio, Vanguard Balanced portfolio, Legg Mason Aggressive portfolio and Robert W. Baird Bond portfolio in addition to six Strong portfolios. From December 15, 2003 to June 30, 2004 assets in the four popular new investment options grew to $143.4 million.
The College Savings Program Board and EdVest staff look forward to continued growth with quality service to participants in this exciting program. If you have any questions regarding the EdVest Annual Report, please contact Marty Olle at 264-7886.
Sincerely,
Senator Alberta Darling
Chair, College Savings Program Board
STate Treasurer Jack C. Voight
Vice-Chair, College Savings Program Board
Referred to committee on Colleges and Universities.
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State of Wisconsin
Office of State Employment Relations
Madison
November 2004
To the Honorable, the Legislature:
The Written Hiring Reasons Report for Wisconsin State Government is enclosed. The report, covering the period July 1, 2003, through June 30, 2004, is required under ss.
230.25 (1p) and
230.27 (2k), Wis. Stats. The law requires "written hiring reasons" for certain hiring transactions and requires the Office of State Employment Relations to summarize the hiring reasons and prepare the report. Retrospectively, this information can be useful as a monitoring tool for your agency's classified and project appointments. Prospectively, you may want to use the information for plans of action in 2005 and beyond.
Information for this report came from summary information provided by each agency and the entire UW System. Your efforts and cooperation in compiling the summary reports are greatly appreciated. The report includes a synopsis of the information provided by each state agency and UW System unit.
Sincerely,
Karen E. Timberlake
Director
Referred to committee on Labor.
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State of Wisconsin
Technical College System
Madison
December 7, 2004
To the Honorable, the Legislature:
