Lawmakers approve of new UW surplus policy
MADISON -- A unanimous decision came down today for the University of Wisconsin's new policy designed to keep the system from developing future surpluses.
The Journal Sentinel says under the new agreement from the Legislature's audit committee, UW campuses would need approval from regents in order to finish a fiscal with cash totaling more than 15% of their total expenditures.
Still, some lawmakers have concerns over the schools' ability to inform people about their cash reserves.
The latest state budget required a new policy following an audit that discovered hundreds of millions of dollars in surplus in the UW System.
The policy will now move to the joint finance committee in Madison for approval.