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 April 2009.
On April 1, 2009, the General Fund cash balance closed at a negative $523.9 million. This negative balance continued through April 30, 2009, when the fund's cash balance closed at a positive $25.4 million. The General Fund cash balance reached its intra month low of a negative $624.1 million on April 10, 2009. The negative balance was due to the difference in the timing of revenues and expenditures.
On April 1, 2009, the
Injured Patients and Families Compensation Fund cash balance closed at a negative $76.5 million (its intra-month low). This negative balance continued through April 30, 2009, when the fund's cash balance closed at a negative $73.3 million. The negative balance was due to the transfer of $200 million to the Medical Assistance Trust Fund per
2007 Wisconsin Act 20, and the pending liquidation of fund securities necessary to offset this shortfall.
On April 1, 2009, the Medical Assistance Trust Fund cash balance closed at a negative $106.8 million. This negative balance continued through April 30, 2009, when the fund's cash balance closed at a negative $147.9 million. The Medical Assistance Trust Fund cash balance reached its intra-month low of a negative $149.6 million on April 22, 2009. The negative balance was due to the difference in the timing of revenues and expenditures.
On April 20, 2009, the Utility Public Benefits Fund cash balance closed at a negative $507 thousand. This negative balance continued intermittently through April 30, 2009, when the fund's cash balance closed at a negative $2.2 million (its intra-month low). The negative balance was due to the difference in the timing of revenues and expenditures.
On April 1, 2009, the Lottery Fund cash balance closed at a negative $2.1 million. This negative balance continued intermittently through April 10, 2009, when the fund's cash balance closed at a positive $2.5 million. The Lottery Fund cash balance reached its intra-month low of a negative $3.1 million on April 2, 2009. The negative balance was due to the difference in the timing of revenues and expenditures.
On April 30, 2009, the Hospital Assessment Fund cash balance closed at a negative $41.1 million (its intra-month low). 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, Utility Public Benefits Fund, Lottery Fund, and Hospital Assessment 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 the joint committee on Finance.
State of Wisconsin
Joint Legislative Council
June 1, 2009
The Honorable, The Legislature:
I am pleased to transmit to you the following report to the 2009 Legislature on legislation introduced by the Joint Legislative Council:
RL 2009-01 Special Committee on High Risk Juvenile Offenders [2009 Senate Bills 149, 150, 151,152 and 153]
RL 2009-08 Special Committee on Regional
Transportation Authority [2009 Senate Bill 205, and 2009 Assembly Bill 282]
I would appreciate your including this letter in the Journal for the information of the membership. Additional copies of this report are available at the Legislative Council Staff offices, One East Main, Suite 401, or from our web page at
http://www.legis.state.wi.us/lc/.
Sincerely,
Terry c. anderson
Director
__________________
Relating to food processing plants.
Submitted by Department of Agriculture, Trade and Consumer Protection.
Report received from Agency, May 28, 2009.
Referred to committee on Agriculture and Higher Education, June 2, 2009
.
Relating to precollege scholarships.
Submitted by Department of Public Instruction.
Report received from Agency, May 27, 2009.
Referred to committee on Education,
June 2, 2009
.
Relating to the rules of practice and procedure before the commission.
Submitted by Labor and Industry Review Commission.
Report received from Agency, June 2, 2009.
Referred to committee on Labor, Elections and Urban Affairs, June 2, 2009
.
Relating to use of the 1980 CSO Standard Ordinary Life Valuation Mortality Table in determining the minimum standard of valuation reserves and the minimum standard nonforfeiture values for preneed funeral life insurance products.
Submitted by Insurance Commissioner.
Report received from Agency, May 28, 2009.
Referred to committee on Judiciary, Corrections, Insurance, Campaign Finance Reform, and Housing,
June 2, 2009.
