What's New

 


Injured Patients and Families Compensation Fund

Report 19-9 | June 2019

We provided an unmodified opinion on the Fund’s financial statements as of and for the fiscal years ended June 30, 2018, June 30, 2017, and June 30, 2016. The Fund’s net position increased in each fiscal year and was $1.0 billion as of June 30, 2018. This amount exceeded the maximum of the target range for the Fund’s net position. Although assessment rates were reduced in each year of our audit period, the increase in the Fund’s net position was driven primarily by positive investment income and decreasing estimated loss liabilities. We recommend the Office of the Commissioner of Insurance (OCI) work with the Fund’s Board of Governors to develop a formal written plan to re-evaluate the target range for the Fund’s net position. We also recommend OCI take steps to improve its financial reporting process.

Briefing Sheet
mobile version | Report


Contracts for Technical College Course Credits

Report 19-8 | May 2019

Based on a report made to our Fraud, Waste, and Mismanagement Hotline, we have completed a review of certain contracts between the Waukesha County Technical College (WCTC) and a private business for technical college course credits granted to high school students. From 2015 through 2017, we estimate that WCTC did not collect at least $121,440 because it did not enter into statutorily required contracts or did not receive payment from the private business.

Briefing Sheet
mobile version | Report


Unemployment Reserve Fund

Report 19-7 | May 2019

We provided an unmodified opinion on the Fund’s financial statements for FY 2017-18 and FY 2016-17. The Fund’s net position was $1.8 billion as of June 30, 2018, which was an increase of $549.5 million since June 30, 2016. The net position of the Fund continues to increase because employer taxes and other revenues continue to exceed benefit payments and transfers. Based on the cash balance of the Fund as of June 30, 2018, employers continue to pay the lowest state unemployment tax rate schedule in calendar year 2019.

Briefing Sheet
mobile version | Report


Wisconsin Economic Development Corporation

Report 19-6 | May 2019

In FY 2017-18, WEDC administered 30 programs through which it allocated $3.1 billion in tax credits; awarded $25.6 million in grants and $4.5 million in loans; and authorized local governments to issue $65.7 million in bonds. We reviewed available information for 128 awards WEDC made and found that WEDC improved a number of aspects of its program administration since our last audit (report 17-9) and had complied with most of our recommendations related to program administration. We also found that WEDC awarded tax credits to recipients that created or retained jobs filled by individuals who did not perform services in Wisconsin or were non-Wisconsin residents. WEDC’s information indicated that recipients of 68 tax credit and loan awards that ended through FY 2017-18 created 2,084 of 5,970 contractually required jobs (34.9 percent).

Briefing Sheet
mobile version | Highlights
mobile version podcast | Report