MADISON, WI (WTAQ) - A state legislative panel says it will not vote on a new plan to control surpluses at UW campuses until the committee can learn more about it.
The Joint Audit Committee delayed a vote set for Wednesday on the plan, which was recently endorsed by the university's Board of Regents.
It comes in the wake of a surprise disclosure this past spring that UW campuses had hundreds of millions of reserves, at a time when schools kept raising student tuition by 5.5 percent a year.
Lawmakers were so upset about that, they imposed a two-year freeze on UW tuition and ordered additional monitoring of reserves. The UW came back with a requirement to have campuses main reserves of at least 10 percent of their total assets, and to justify any reserves of over 15 percent.
A recent state audit showed that campuses had $755 million on hand as of June of last year -- and $142 million of it was never committed to anything.