UPDATE: State audit committee approves new UW surplus policy - WKOW 27: Madison, WI Breaking News, Weather and Sports

UPDATE: State audit committee approves new UW surplus policy

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MADISON, Wis. (AP) -- The Joint Legislative Audit Committee has unanimously approved the University of Wisconsin System's new policy for reporting surpluses.

The committee voted Thursday, with lawmakers praising the work of new UW President Ray Cross to better report the status of reserves and other funds throughout the university system.

The state budget required the regents to write a policy governing how much cash campuses can have on hand after word broke last year that campuses finished fiscal year 2012 with huge surpluses.

The regents' plan calls for campuses to finish each fiscal year with cash on hand totaling at least 10 percent of annual expenditures. The campuses would need regent approval to finish with more than 15 percent.

The plan prohibits campuses from using the 10 percent target as justification for raising tuition.

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MADISON (AP) -- The Legislature's audit committee is set to vote on the University of Wisconsin System's new policy for reporting surpluses.

The 2013-15 state budget required the regents to write a policy governing how much cash campuses can have on hand after word broke last year that campuses finished fiscal year 2012 with huge surpluses.

The regents' plan calls for campuses to finish each fiscal year with cash on hand totaling at least 10 percent of annual expenditures.  The campuses would need regent approval to finish with more than 15 percent.

The plan prohibits campuses from using the 10 percent target as justification for raising tuition.  The audit committee is scheduled to vote on the plan Thursday. Approval would send it on to the Legislature's powerful finance committee for final approval.

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