On June 1, 2008, the Medical Assistance Trust Fund cash balance closed at a negative $59.5 million (its intra-month low). This negative balance continued through June 30, 2008, when the fund's cash balance closed at a negative $32.3 million. 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 June 1, 2008, the Utility Public Benefits Fund cash balance closed at a negative $2.7 million (its intra-month low). This negative balance continued through June 3, 2008, when the fund's cash balance closed at a positive $2.2 million. The negative balance was due to the difference in the timing of revenues and expenditures.
The General Fund, 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
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State of Wisconsin
Department of Health Services
July 17, 2008
The Honorable, The Senate:
I am pleased to submit to the Legislature the enclosed report as required by Wisconsin Statutes s.153.05(2m)(b). This provision directs the Department of Health and Family Services to biennially review the performance of the Wisconsin Hospital Association (WHA), the entity under contract to produce the reports under s.153.05(2m), and to report to the Legislature on the timeliness and quality of the reports produced by the Wisconsin Hospital Association Center (WHAIC).
Sincerely,
Karen E. timberlake
Secretary
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Relating to audit, control and financial reporting requirements.
Submitted by Insurance Commissioner.
Report received from Agency, August 15, 2008.
Referred to committee on Health, Human Services, Insurance, and Job Creation, August 15, 2008
.
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The committee on Public Health, Senior Issues, Long Term Care and Privacy reports and recommends:
Relating to long-term care plans including the long-term care partnership program qualifying policies and affecting small business.
No action taken.
Tim Carpenter
Chairperson
