96th Assembly District
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Agency Reports
State of Wisconsin
Legislative Audit Bureau
Madison
January 28, 2008
To the Honorable, the Assembly:
We have completed our fiscal year (FY) 2006‐07 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 present the investments and investment activity for the State Investment Fund, the Wisconsin Retirement System funds, and five other smaller insurance and trust funds. The statements and our unqualified opinions on them are included in the Investment Board's FY 2007 Annual Report, which can be found on the Investment Board's Web site.
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 increased 38.3 percent, from $218.9 million in FY 2005‐06 to $302.7 million in FY 2006‐07 because of higher 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 $6.2 billion as of June 30, 2007.
The retirement funds, which include the Core Retirement Investment Trust Fund and the Variable Retirement Investment Trust Fund, experienced positive investment returns in FY 2006‐07. The Core Fund reported net investment income of $12.2 billion, and the Variable Fund reported net investment income of $1.3 billion. After factoring in net investment income, net contribution receipts, and benefit disbursements in FY 2006‐07, the net investment assets of the retirement funds as of June 30, 2007, were $80.5 billion for the Core Fund and $7.4 billion for the Variable Fund.
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 $798.1 million as of June 30, 2007.
Government Auditing Standards require us to provide an auditor's report on internal control over financial reporting and on compliance and other matters, which accompanies this letter. As noted in the report, we did not identify any control or compliance concerns that are required to be reported under these standards.
Sincerely,
Janice Mueller
State Auditor
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State of Wisconsin
Legislative Audit Bureau
Madison
January 31, 2008
To the Honorable, the Assembly:
We have completed a financial audit of WHA Television, as requested by the University of Wisconsin‐Extension to fulfill the audit requirements of the Corporation for Public Broadcasting. The Corporation requires audited financial statements of public broadcasting entities to determine future funding levels.
WHA Television is licensed to the University of Wisconsin System's Board of Regents and is operated by the University of Wisconsin‐Extension. WHA Television earned $16.6 million in revenues during fiscal year 2006‐07, including state support, member contributions, funding from the Corporation for Public Broadcasting, and various other grants.
Our audit report contains the financial statements and related notes as of and for the periods ended June 30, 2007, and June 30, 2006. We were able to issue an unqualified independent auditor's report on these statements.
We appreciate the courtesy and cooperation extended to us by University of Wisconsin‐Extension staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
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State of Wisconsin
Legislative Audit Bureau
Madison
January 31, 2008
To the Honorable, the Assembly:
A479
We have completed a financial audit of WHA Radio, as requested by the University of Wisconsin‐Extension to fulfill the audit requirements of the Corporation for Public Broadcasting. The Corporation requires audited financial statements of public broadcasting entities to determine future funding levels.
WHA Radio is licensed to the University of Wisconsin System's Board of Regents and is operated by the University of Wisconsin‐Extension. WHA Radio earned $10.2 million in revenues during fiscal year 2006‐07, including state support, member contributions, funding from the Corporation for Public Broadcasting, and various other grants.
Our audit report contains the financial statements and related notes as of and for the periods ended June 30, 2007, and June 30, 2006. We were able to issue an unqualified independent auditor's report on these statements.
We appreciate the courtesy and cooperation extended to us by University of Wisconsin‐Extension staff during the audit.
Respectfully submitted,
Janice Mueller
State Auditor
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Representative J. Ott moved that the Assembly stand adjourned pursuant to Senate Joint Resolution 1.
The question was: Shall the Assembly stand adjourned?
Motion carried.
The Assembly stood adjourned.
3:43 P.M.
