A975
Operating revenue for the quarter was down $1.4 million or 1.2 percent compared to the same quarter last year. Year to date, operating revenue is up $4.7 million or 1.3 percent from last year.
The information reported here is a summary and is not intended to be a complete financial accounting of Wisconsin Lottery operations.
If you have any questions or comments regarding this report, please feel free to contact me at (608) 266-6466.
Sincerely,
Roger M. Ervin
Secretary
Referred to committee on State Affairs and Homeland Security.
__________________
State of Wisconsin
Department of Administration
Madison
April 30, 2010
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 2010.
On March 1, 2010, the Utility Public Benefits Fund cash balance closed at a negative $9.5 million. This negative balance continued through March 31, 2010, when the fund's cash balance closed at a negative $12.4 million. The Utility Public Benefits Fund cash balance reached its intra-month low of a negative $12.5 million on March 29, 2010. The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2010, the Permanent Endowment Fund cash balance closed at a negative $2.0 million (its intra-month low). This negative balance continued through March 31, 2010, when the fund's cash balance closed at a negative $2.0 million. The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2010, the Medical Assistance Trust Fund cash balance closed at a negative $227.3 million. This negative balance continued through March 31, 2010, when the fund's cash balance closed at a negative $315.0 million. The Medical Assistance Trust Fund cash balance reached its intra-month low of a negative $316.1 million on March 23, 2010. The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2010, the Police and Fire Protection Fund cash balance closed at a negative $23.1 million (its intra-month low). This negative balance continued through March 31, 2010, when the fund's cash balance closed at a negative $19.4 million. The negative balance was due to the difference in the timing of revenues and expenditures.
On March 1, 2010, the Conservation Fund cash balance closed at a negative $27.8 million (its intra-month low). This negative balance continued through March 15, 2010, when the fund's cash balance closed at a positive $37.1 million. The negative balance was due to the difference in the timing of revenues and expenditures.
The Utility Public Benefits Fund, Permanent Endowment Fund, Medical Assistance Trust Fund, Police and Fire Protection 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 and joint committee on Finance.
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Representative Kerkman moved that the Assembly stand adjourned pursuant to Senate Joint Resolution 1.
The question was: Shall the Assembly stand adjourned?
Motion carried.
The Assembly stood adjourned.
11:18 A.M.
