Concurrence.
Ayes, 5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Assembly Bill 573
Relating to: repealing, consolidating, renumbering, amending, and revising various provisions of the statutes for the purpose of correcting errors, supplying omissions, correcting and clarifying references, eliminating defects, anachronisms, conflicts, ambiguities, and obsolete provisions, reconciling conflicts, and repelling unintended repeals (Correction Bill).
Concurrence.
Ayes, 5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Senate Bill 338
Relating to: maximum amount of funeral and burial expenses under the funeral, burial, and cemetery expenses program.
Passage.
Ayes, 5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Senate Bill 447
Relating to: state contractual services and false claims submitted to state and local governments, requiring the exercise of rule-making authority, and providing penalties.
Adoption of Senate Amendment 1.
Ayes, 5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Adoption of Senate Amendment 2.
S553
Ayes,
5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Passage as amended.
Ayes, 5 - Senators
Risser, Robson, Kreitlow, Ellis and A. Lasee.
Noes, 0 - None.
Fred Risser
Chairperson
The committee on Senate Organization reports:
Referred to the joint committee on
Finance, pursuant to Senate Rule
41 (1)(e):
Senate Bill 304
Senate Bill 391
Senate Bill 401
Senate Bill 408
Senate Bill 428
Assembly Bill 227
Referred to
, and withdrawn from, the joint committee on
Finance and made available for scheduling, pursuant to Senate Rule
41 (1)(e):
Senate Bill 127
Placed the following proposals on the Senate Calendar of Tuesday
, February 16
, 2010:
Senate Bill 127
Senate Bill 268
Senate Bill 293
Senate Bill 348
Senate Bill 396
Senate Bill 403
Senate Bill 410
Senate Bill 419
Senate Bill 427
Senate Bill 455
Assembly Bill 57
Assembly Bill 186
Assembly Bill 411
Assembly Bill 419
Assembly Bill 591
Ayes: 5 - Senators Decker, Risser, Hansen, Fitzgerald and Grothman.
Noes: 0 - None.
RUSS DECKER
Chairperson
__________________
State of Wisconsin
Legislative Audit Bureau
February 10, 2010
The Honorable, The Legislature:
We have completed our fiscal year (FY) 2008-09 financial audit of the State of Wisconsin Investment Board, as requested by the Investment Board and to fulfill our audit requirements under s.
13.94(1)(df), Wis. Stats. The Investment Board's financial statements report the investments and investment activity for the Wisconsin Retirement System funds, the State Investment Fund, and five other smaller insurance and trust funds. The statements and our unqualified opinions on them are included in the Investment Board's FY 2008-09 Annual Report, which can be found on the Investment Board's Web site.
The retirement funds, which include the Core Retirement Investment Trust Fund and the Variable Retirement Investment Trust Fund, experienced negative investment returns in FY 2008-09. The Core Fund reported a net investment loss of $13.5 billion, and the Variable Fund reported a net investment loss of $1.6 billion. After factoring in net investment income, net contribution receipts, and benefit disbursements in FY 2008-09, the net investment assets of the retirement funds as of June 30, 2009, were $59.2 billion for the Core Fund and $4.1 billion for the Variable Fund.
The State Investment Fund invests the excess operating funds of State of Wisconsin agencies, the retirement funds, and the Wisconsin Local Government Investment Pool. Net investment income earned by the State Investment Fund decreased 67.7 percent, from $255.7 million in FY 2007-08 to $82.6 million in FY 2008-09 because of lower interest rates in the markets. After factoring in net investment income and net deposits and withdrawals, the State Investment Fund had a net asset balance of $6.4 billion as of June 30, 2009.
The Investment Board is also responsible for investing the assets of five insurance and trust funds: the Injured Patients and Families Compensation Fund, the State Life Insurance Fund, the Local Government Property Insurance Fund, the Historical Society Trust Fund, and the EdVest Tuition Trust Fund. Each of these funds has different investment policies, as established by the agency responsible for the fund and the Investment Board. The largest of these funds, the Injured Patients and Families Compensation Fund, had net investment assets totaling $567.9 million as of June 30, 2009.
Enclosed is a management letter, which includes an auditor's report on internal control over financial reporting and on compliance and other matters, as required by Government Auditing Standards. As noted in this letter, which was provided to the Investment Board, we did not identify any control or compliance concerns that are required to be reported under these standards.
Sincerely,
Janice Mueller
State Auditor
__________________
Pursuant to Senate Rule 17 (5), Senator Grothman withdrawn as a coauthor of
Senate Bill
481
.
