Wis. Stat. § 25.187
Operating expenditures
Redline — January 1, 2005 → current.View current text →
Current — January 1, 2021
As of January 1, 2005
(1) In this section, “operating expenditures" include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does not include costs or expenses incurred under s. 25.18 (1) (a) , (c) , (f) or (m) or (2) (d) or (e) or 40.04 (3) (intro.) .
(1) (a) In this section, “operating expenditures" include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does not include costs or expenses incurred under s. 25.18 (1) or (2) or 40.04 (3) (intro.) or incurred in connection with information technology purchases, including those contemplated under s. 16.751 , business travel, recruitment of job applicants, or subscriptions to relevant news or industry publications, or office management expenses. (b) The investment board's expenditure of operating expenditures contemplated by this section is not subject to the provisions of subch. IV of ch. 16 , but the investment board may, in its discretion, coordinate purchases with the department of administration under s. 16.71 . (c) The investment board shall adopt policies and procedures that specify all of the following: 1. When the investment board is required to publicly solicit proposals from multiple vendors of goods or services. 2. How the investment board is to evaluate proposals from multiple vendors. 3. How the investment board is to assess any conflict of interest a vendor may have if the vendor sells goods or services to the investment board.
(2)
(a) Subject to pars. (b) and (c) , on July 1 and January 1 of each year, the investment board shall estimate the amounts required for its operating expenditures for the next 6-month period and shall assess each fund for which the board has management responsibility for its share of the estimated operating expenditures in an equitable manner. The board shall pay the assessment from the current income of each fund, unless an appropriation is made for payment of the assessment, in which case the assessment shall be paid from that appropriation account.
(b) If the estimate of the amounts required for the board's operating expenditures for a 6-month period differs from its actual operating expenditures, the board shall adjust the estimate of the amounts required for its operating expenditures for the next 6-month period to reflect the difference between its estimated operating expenditures and actual operating expenditures for the prior 6-month period.
(c)
1. Except as provided in subd. 2. , the total amount that the board may assess the funds for which the board has management responsibility for any fiscal year may not exceed the greater of $20,352,800 or 0.0275% of the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the preceding fiscal year.
2. In addition to the amount assessed under subd. 1. , the board may assess the funds for which the board has management responsibility for any fiscal year up to an additional 0.0025% of the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the preceding fiscal year if the board notifies the joint committee on finance in writing of the proposed assessment. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment within 14 working days after the date of the board's notification, the board may make the assessment. If, within 14 working days after the date of the board's notification, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment, the board may make the assessment only upon approval of the committee.
3. For the purposes of this paragraph, the board shall do all of the following:
a. Determine the total market value of the assets of the funds according to the methodology used to determine the market value of the core retirement investment trust under s. 25.17 (14) .
b. Annually, no later than June 15, certify to the department of administration and to the joint committee on finance the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the current fiscal year.
(2)
(a) On September 1 of each year, the investment board shall assess each fund for which the board has management responsibility for its share of the board's operating expenditures for the current fiscal year in an equitable manner. The board shall pay the assessment from the current income of each fund, unless an appropriation is made for payment of the assessment, in which case the assessment shall be paid from that appropriation account.
(b) The investment board may establish the operating budget for operating expenditures and monitor the fiscal management of this operating budget.
(3) The investment board shall transmit a notice of each assessment to each fund at the time that the assessment is made, and shall transmit a statement of the board's actual expenditures for management of each fund at the close of each fiscal year both to the state agency having primary responsibility for expenditure of principal or earnings of the fund and to the department of administration or, if there is no state agency, only to the department of administration.
(3) The investment board shall transmit a notice of each assessment to each fund at the time that the assessment is made, and shall transmit a statement of the board's actual expenditures for management of each fund at the close of each fiscal year both to the state agency having primary responsibility for expenditure of principal or earnings of the fund and to the department of administration or, if there is no state agency, only to the department of administration.
(4) The investment board shall establish travel policies for investment board employees and job applicants and a schedule for the reimbursement of investment board employees and job applicants for travel expenses, which shall take into account the maximum rate for lodging expenses incurred in this state under the approved uniform travel schedule incorporated under s. 20.916 (8) (b) into the current compensation plan under s. 230.12 (1) .
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.