388                         WISCONSIN BLUE BOOK 1985-1986

   The DEPARTMENT OF REVENUE'S basic mission is to collect taxes, pay state
aids to local
 governments and individuals, assist local officials in administering the
property tax, and formu-
 late tax policy.
   To help formulate fair and effective tax policy, several research projects
provided background
 information on the corporate income tax, the personal income tax, and the
inheritance and gift
 taxes. Work was also completed on the 1983 Tax Model, which is composed
of data taken from
 the tax returns of a scientifically drawn sample of approximately 15,500
taxfilers. A study of
 recent employment changes in Wisconsin was also conducted.
   In the area of state and local financial relations, legislation revising
local government borrow-
ing statutes was enacted as a result of work completed by a local government
debt management
advisory committee. In addition, programs were developed to improve the quality
of manufac-
turing assessment value estimates and to help local assessment districts
achieve full market value
requirements.
   In order to promote improved internal management, a study of the tax appeals
process sug-
gested ways to reduce the backlog of cases, and a study of procedures used
by other states and
the Internal Revenue Service sought fair and effective ways to collect delinquent
taxes. In addi-
tion, increased efforts were made to meet affirmative action goals, particularly
in the professional
and supervisory categories. The department also implemented new data and
word processing
techniques which resulted in improved work and cost savings.
   The OFFICE OF THE SECRETARY OF STATE computerized approximately 150,000
corpo-
 ration records, which permits more complete and swifter responses to information
requests; as-
 sumed additional program responsibilities assigned by the Legislature for
forming limited part-
 nerships and reviewing nonstock corporation annual reports; and developed
a proposal for a
 statewide Uniform Commercial Code Lien Information System.
   The Corporation On-line Registration Information System (CRIS), when fully
operational,
 will provide rapid retrieval and dissemination of corporate information,
simplify the completion
 of annual report forms, and improve office efficiency.
   A single filing office for all Wisconsin and licensed foreign limited
partnerships was established
with the Office of the Secretary of State by 1983 Wisconsin Act 173 in order
to provide a central
recording office rather than maintaining the previous 72 county offices of
record.
   In order to provide more complete and current information on nonstock
corporations, Chap-
 ter 181, Wis. Stats., was revised by 1983 Wisconsin Act 475 to require nonstock
corporations to
 submit annual reports to the Secretary of State beginning in 1986.
 The STATE TREASURER'S cash management program has been very successful.
A principal
 feature of a good cash management system is the use of lock boxes for the
collection of revenue
 due the state. The use of lock boxes is simply that payments due the state
are directed to a post
 office lock box rather than to a state office. A bank is authorized to collect
and process the
 revenue on behalf of the state. A lock box collection system accelerates
the deposit of money by
 one to 5 days, with the result that the money received is invested one to
5 days sooner than when
 lock boxes were not used. Fourteen state agencies now use lock boxes. The
state collects 100%
 of all investment income and over 50% of all other revenue through this
system. A mere one-day
 acceleration increases income by hundreds of thousands of dollars.
 Unclaimed property legislation enacted in early 1984 (effective December
31, 1984) will in-
 crease revenue by three-fold the next reporting period. The legislation
shortened the abandon-
 ment period from 10 years to 5 years for banks, insurance companies, and
all major businesses
 reporting lost or forgotten checking and savings accounts, stock certificates,
dividend checks, gift
 certificates and similar property. The legislation also closes several loopholes
in the existing law
 and provides stiff penalties for noncompliance.

 . The HEALTH FACILITIES AUTHORITY has now completed 29 financings totalling
 $265,815,000. The authority is also an effective issuer of system-wide debt
financings. The au-
 thority's bonding limitations have been removed and replaced with the requirement
that each
project receive Department of Health and Social Services approval.

  The HOUSING AND ECONOMIC DEVELOPMENT AUTHORITY continued its tradition
of
providing housing for Wisconsin residents with low and moderate incomes.