Panel wants more details on UW reserve plan
MADISON, Wis. (AP) – The Legislature’s Audit Committee wants more information from the University of Wisconsin System before it will vote on its plan for how much money it will keep in reserves. The committee delayed a scheduled vote Wednesday on approving the system’s plan for dealing with reserves. The UW Board of Regents created a policy earlier this year requiring campuses to maintain reserves of at least 10 percent, and they’d have to justify reserves above 15 percent. The move became necessary after news broke this spring that the system built up massive reserves even while hiking tuition for six straight years. Lawmakers on the Legislature’s Audit Committee say UW needs to address questions about its methodology and policy before the panel will vote on the plan.
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