Senate Committee on Agriculture and Higher Education
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State of Wisconsin
Department of Administration
June 30, 2010
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 2010.
On May 1, 2010, the Utility Public Benefits Fund cash balance closed at a negative $6.7 million. This negative balance continued through May 31, 2010, when the fund's cash balance closed at a negative $7.3 million (its intra-month low). The negative balance was due to the difference in the timing of revenues and expenditures.
On May 1, 2010, the Medical Assistance Trust Fund cash balance closed at a negative $309.0 million (its intra-month low). This negative balance continued through May 31, 2010, when the fund's cash balance closed at a negative $307.7 million. The negative balance was due to the difference in the timing of revenues and expenditures.
On May 1, 2010, the Police and Fire Protection Fund cash balance closed at a negative $13.9 million (its intra-month low). This negative balance continued through May 31, 2010, when the fund's cash balance closed at a negative $12.9 million. The negative balance was due to the difference in the timing of revenues and expenditures.
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The Utility Public Benefits Fund, Medical Assistance Trust Fund, and Police and Fire Protection 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 joint committee on Finance.
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Relating to the use of archery deer hunting licenses.
Submitted by Department of Natural Resources.
Report received from Agency, July 1, 2010.
Referred to committee on Transportation, Tourism, Forestry, and Natural Resources, July 7, 2010
.
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The committee on Veterans and Military Affairs, Biotechnology, and Financial Institutions reports and recommends:
Relating to the assistance to needy veterans grant program.
No action taken.
Jim Sullivan
Chairperson