SUMMARY

The program issues revenue obligations to provide financing for payment of claims under the Wisconsin Petroleum Environmental Cleanup Fund Award (PECFA) program. We provide an unqualified opinion on its financial statement for FYs 2004-05 and 2003-04. As of June 30, 2005, $348.5 million of revenue obligations remained outstanding, to be repaid from a fee charged for petroleum products sold in Wisconsin. That fee has been $0.03 per gallon since before the revenue obligations program was established in January 2000. The fee will be reduced effective May 1, 2006, to $0.02 per gallon, as provided for in 2005 Wisconsin Act 25.