The University of Wisconsin System Board of Regents stepped up its game in reporting its fiscal reserves at its Thursday meeting, approving a report that outlines where those reserves are and how they’re spent.

The Board of Regents unanimously approved the Program Revenue Fund Balances report that laid out the UW System’s reserve funds. News that the UW System had about $1 billion in reserves drew scrutiny from the state Legislature in the last budget session, leading to a budget cut and a tuition freeze at UW System campuses.

“I probably won’t smile much in this presentation,” Cross said. “Because it is serious. It is very important.”

Together, the UW System and Legislature penned a 250-page report outlining a clear rundown of each fund by campus, how those are managed and how they’ll be spent.

The UW System’s true reserves are about $175 million, or 3 percent of the annual budget, Cross said.

But Cross said “there is no single pot of money,” with money spread across all UW System institutions, including $54.7 million at UW Madison.

Those reserves, he added, are projected to keep declining and only make up a small part of the campus’ funds.

“All together these 14 institutions, 26 campuses and 72 county extension offices operate with a $6 billion annual budget,” Cross said.

Regent Margaret Farrow said the report was the “healthiest thing that could happen to our system, our state, our budget, our taxpayers, our parents and our students.”

“I’m not sad this was done,” Farrow said. “I’m thrilled it was done. It does put a clear bright light on anything they need.”

Regent Janice Mueller said the UW System needs to be aware of the criticism that can arise from detailing the reserves so extensively. The level of detail is to such an extent that someone can look at it and say “you don’t really need that new desk and chair,” she said.