Wisconsin System Under Fire for Quietly Building Budget Reserves
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State leaders are demanding explanations -- and in some cases urging retribution -- for the University of Wisconsin System's decision to quietly store hundreds of millions of dollars of budget funds in hundreds of accounts spread across its institutions, the Journal-Sentinel reported. A state audit last week found that the university system had cash reserves of $648 million, about a quarter of its annual appropriation, that the funds were distributed among many accounts across the system -- and that the funds had gone virtually unmentioned to state officials.
Wisconsin system officials acknowledged to the newspaper that they did "not draw attention" to the funds in the past, and some legislators accused university leaders of purposely misleading state officials about the system's financial standing. Some called for a two-year freeze on new state support and tuition -- and some went further, suggesting that President Kevin Reilly should consider resigning. Reilly is supposed to testify at a legislative hearing today in Madison.