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January 8, 2002
Mr. John Scocos
Assembly Chief Clerk
Room 402, 1 East Main
Madison, WI 53702
Dear Chief Clerk Scocos:
With the resignation of Joan Wade and the subsequent election of Representative J.A. Hines, we do not expect any changes to the Assembly seating chart. The newly elected member from the 42nd Assembly District will sit at the same location as former Representative Wade, seat number 74.
If you have any questions, please do not hesitate to contact me or Bonnie in my office at 6-3007.
Sincerely,
Daniel P. Vrakas
State Representative
33rd Assembly District
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Referral of Agency Reports
State of Wisconsin
University of Wisconsin System
Madison
December 10, 2001
To the Honorable, the Legislature
The 1999-2001 State of Wisconsin Biennial Budget,
1999 Wisconsin Act 9, included a provision to change the University of Wisconsin System's appropriation for tuition and fee revenues (Academic Student Fees, Fund 131) from an annual, sum certain appropriation to a continuing appropriation.
A572
Wisconsin Act 9 required the Board of Regents to report annually, beginning on December 15, 2000, the amount by which actual expenditures in the previous fiscal year, in this case 2000-2001, exceeded the amount in the schedule for that appropriation in the previous fiscal year. That report, including the purposes for which the additional revenues were spent and the amount spent for each purpose, is attached. The Board of Regents approved this report for submission at its December 7, 2001 meeting.
Please contact Freda Harris at (608) 263-5679, if you have any questions related to this report.
Sincerely,
Deborah A. Durcan
Vice President for Finance
Referred to committee on Colleges and Universities.
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State of Wisconsin
Department of Revenue
Madison
December 21, 2001
To the Honorable, the Legislature:
Section
565.45, Wisconsin Statutes, requires the Department of Revenue to submit a biennial report to the legislature regarding the impact on lottery operations of the 10% expense limitation under s.
25.75 (3)(b).
Sincerely,
Richard G. Chandler
Secretary of Revenue
Referred to committee on State Affairs.
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State of Wisconsin
State Treasurer
Madison
December 28, 2001
To the Honorable, the Assembly:
Attached to this letter is the EdVest College Savings Program Annual Report for the 2000-2001 Fiscal Year. Legislation for the EdVest program requires the Office of the State Treasurer to annually report to the Governor and the Legislature on the program. This fourth annual report includes summaries of the required actuarial valuation, prepared by Milliman & Robertson, Inc. and a program audit prepared by PriceWaterhouseCoopers, LLP as well as discussion of the key developments in the program over the past fiscal year.
The most significant event of the year for the program involved the implementation of state legislation designed specifically to give
EdVest new authority to take advantage of benefits and flexibility currently allowed under federal law. The legislation provided broader eligibility and coverage for the program, created a new state tax deduction for parents, expanded the number of investment options, eliminated the residency requirement and established protection of eligibility for state financial aid. It directed the state to contract with a private firm to assist with the new program. At the conclusion of a national search, Strong Capital Management of Menomonee Falls, Wisconsin was selected as the
EdVest program manager. A second partnership was developed with American Express, which offers a slightly reconfigured "tomorrow's scholar" version of the program through its financial advisors nationwide. After a period of intense planning and development, as well as passage of state legislation to formally provide the trust fund structure necessary for operation [
2001 Wisconsin Act 7] the
EdVest program was re-launched in May, 2001.
These program improvements were an immediate success with the public, proving that we are now meeting the college savings needs of families nationwide. By the close of the fiscal year on June 30, there were 5,337 EdVest accounts and assets under management totaled $21.5 million. For your information, the program has continued to grow dramatically and as we near the end of the calendar year we have over 45,000 accounts and $230 million under management.
The College Savings Program Board, EdVest staff and I look forward to continued growth with quality service to participants in this exciting program. If you have any questions regarding the EdVest Annual Report, please contact Marty Olle at 264-7886.
Sincerely,
Jack C. Voight
State Treasurer
Referred to committee on Colleges and Universities.
