Sincerely,
Michael Morgan
Secretary
Referred to committee on State Affairs.
__________________
A761
State of Wisconsin
Department of Administration
Madison
April 30, 2008
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 March 2008.
On March 24, 2008, the General Fund cash balance closed at a negative $108.6 million. This negative balance continued through March 31, 2008, when the fund's cash balance closed at a negative $212.5 million (its intra‐month low). The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2008, the Wisconsin Health Education Loan Repayment Fund cash balance closed at a negative $2 thousand. This negative balance continued through March 31, 2008, when the fund's cash balance closed at a negative $2 thousand. The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2008, the Injured Patients and Families Compensation Fund cash balance closed at a negative $27.5 million. This negative balance continued through March 31, 2008, when the fund's cash balance closed at a negative $25.7 million. The Injured Patients and Families Compensation Fund cash balance reached its intra month low of a negative $27.9 million on March 13, 2008. The negative balance was due to the transfer of $71.5 million to the General Fund per
2007 Wisconsin Act 20, and the pending liquidation of fund securities necessary to offset this shortfall.
On March 24, 2008, the Lottery Fund cash balance closed at a negative $1.8 million. This negative balance continued through March 31, 2008, when the fund's cash balance closed at a negative $1.8 million. The Lottery Fund cash balance reached its intra‐month low of a negative $3.1 million on March 27, 2008. The negative balance was due to the difference in the timing of revenues and expenditure.
On March 1, 2008, the Conservation Fund cash balance closed at a negative $9.7 million. This negative balance continued through March 18, 2008, when the fund's cash balance closed at a positive $1.3 million. The Conservation Fund cash balance reached its intra‐month low of a negative $17.9 million on March 14, 2008. The negative balance was due to the difference in the timing of revenues and expenditures.
The General Fund, Wisconsin Health Education Loan Repayment Fund, Injured Patients and Families Compensation Fund, Lottery Fund, and Conservation 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,
Michael L. Morgan
Secretary
Referred to committee on Ways and Means.
__________________
State of Wisconsin
Office of Energy Independence
Madison
April 30, 2008
To the Honorable, the Legislature:
As required by s.
16.045(5) Wis. Stats., I am submitting the annual Wisconsin Biofuels and Alternative Fuel Use Report for distribution to the appropriate standing committees.
Should you or Legislative members have questions, please contact me at 608‐261‐6609.
Sincerely,
Judy Ziewacz
Executive Director
Referred to committee on Biofuels and Sustainable Energy.
