Revised: June 18, 1999
Section 36.46., Wis. Stats., provides that, for student fees funded auxiliaries, anticipated reserve accumulations in excess of 15% of prior year revenues must be approved by the Secretary of Administration and the Joint Committee on Finance:
s.36.46(1)(a) The board may not accumulate any auxiliary reserve funds from student fees for any institution, or for the centers in aggregate, in an amount that exceeds an amount equal to 15% of the previous fiscal year’s total revenues from student segregated fees and auxiliary operations funded from student fees for that institution, or for the centers in aggregate, unless the reserve funds are approved by the secretary of administration and the joint committee on finance under this subsection. A request by the board for such approval for any fiscal year shall be filed by the board with the secretary of administration and the cochairpersons of the joint committee on finance no later than September 15 of that fiscal year. The request shall include a plan specifying the amount of reserve funds the board wishes to accumulate and the purposes to which the reserve funds would be applied, if approved. Within 14 working days of receipt of the request, the secretary of administration shall notify the cochairpersons of the joint committee on finance in writing of whether the secretary proposes to approve the reserve fund accumulation.
36.46(1)(b) Notwithstanding par. (a), if, within 14 working days after the date of the secretary’s notification, the cochairpersons of the committee do not notify the secretary that the committee has scheduled a meeting for the purposes of reviewing the secretary’s proposed action, the proposed reserve funds may be accumulated. If, within 14 working days after the date of the secretary’s notification, the cochairpersons of the committee notify the secretary that the committee has scheduled a meeting for the purpose of reviewing the secretary’s proposed action, the proposed reserve funds may not be accumulated unless the committee approves that action.
System Administration shall prepare any such requests that are needed using the information submitted by the institutions each August 15th.