A820
The distribution of this report follows the guidelines as indicated in section 13.172:
“...Notwithstanding any other law, any agency which is required, by statute, to submit a report to the legislature shall submit the report to the chief clerk of each house of the legislature..."
If you have any questions, please contact Tom Beekman, Northwest Region Planning Chief, at 715‐836‐4629.
Sincerely,
Frank J. Busalacchi
Secretary
Referred to committee on Transportation.
__________________
State of Wisconsin
Department of Administration
Madison
June 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 May 2008.
On May 1, 2008, the Injured Patients and Families Compensation Fund cash balance closed at a negative $23.0 million. This negative balance continued through May 31, 2008, when the fund's cash balance closed at a negative $21.5 million. The Injured Patients and Families Compensation Fund cash balance reached its intra‐month low of a negative $23.1 million on May 6, 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 May 7, 2008, the Medical Assistance Trust Fund cash balance closed at a negative $8.4 million. This negative balance continued through May 31, 2008, when the fund's cash balance closed at a negative $59.7 million. The Medical Assistance Trust Fund cash balance reached its intra‐month low of a negative $60.5 million on May 21, 2008. The negative balance was due to the difference in the timing of revenues and expenditures, including a pending transfer from the Permanent Endowment Fund as required under
2007 Wisconsin Act 226.
On May 20, 2008, the Utility Public Benefits Fund cash balance closed at a negative $1.8 million. This negative balance continued through May 31, 2008, when the fund's cash balance closed at a negative $2.5 million (its intra‐month low). The negative balance was due to the difference in the timing of revenues and expenditures.
The Injured Patients and Families Compensation Fund, Medical Assistance Trust Fund, and Utility Public Benefits 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
Southeast Wisconsin Professional
Baseball Park District
Madison
June 30, 2008
To the Honorable, the Legislature:
On behalf of the Board of Directors of the Southeast Wisconsin Professional Baseball Park District, we are pleased to submit the District's Financial Statements - Independent Auditor's Report for Year Ended December 31, 2007 (approved at the meeting of the Board of Directors on June 10, 2008) for your review and use. A copy can also be found on the District's website,
www.millerparkdistrict.com.
The above report indicates that the Southeast Wisconsin Professional Baseball Park District Board of Directors has consistently protected the taxpayers of the five‐county District, and continues to do so. As you review the enclosed report, please note that for the twelfth consecutive year, the Southeast Wisconsin Professional Baseball Park District has received a “clean opinion" from independent financial auditors, BDO Seidman, LLP. In this year's audit, dated June 10, 2008, BDO Seidman states, “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the District at December 31, 2007, and the changes in its financial position, for the year then ended in conformity with accounting principles generally accepted in the United States of America."
Thank you for your assistance and cooperation. Please feel free to contact me if you should have any questions or should you desire more information.
Very truly yours,
Michael R. duckett, P.E., R.l.S
Executive Director
