The Honorable, The Senate:
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 the PriceWaterhouseCoopers, LLP as well as discussions 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 relaunched 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 are 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
Greater Milwaukee Committee
January 8, 2001
The Honorable, The Senate:
Attached please find the final report of the Greater Milwaukee Committee's Economic Development Task Force Report. The report was presented at the recent Economic Summit held in Milwaukee sponsored by the University of Wisconsin.
The GMC report contains many recommendations to grow the Wisconsin economy in the years ahead. We wanted you to have a copy for your information.
If you have any questions or comments, please do not hesitate to call (414-272-0588).
Sincerely,
Robert H. Milbourne
Staff
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Relating to commercial fishing in Lake Superior and Lake Michigan.
Submitted by Department of Natural Resources.
Report received from Agency, January 9, 2002.
Referred to committee on Environmental Resources, January 11, 2002.
Relating to public employee safety and health.
Withdrawn from the committee on Universities, Housing and Government Operations pursuant to Senate Rule
46(2)(b).
Referred to committee on Human Services and Aging
.
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S502
The committee on
Judiciary, Consumer Affairs, and Campaign Finance Reform reports and recommends:
Relating to public warehouse keeper license fees.
No action taken.
Gary George
Chairperson
The committee on Universities, Housing, and Government Operations reports and recommends:
Relating to certification for the identification, removal and reduction of lead-based paint hazards and the issuance and registration of certificates of lead-free status and lead-safe status.
No action taken.
Mark Meyer
Chairperson
