via a kind reader’s email; Letter from Governor Doyle and Department of Public Instruction Superintendent Tony Evers [107K PDF]:

We are excited to invite you to participate in Wisconsin’s Race to the Top application to the federal government. Through the American Recovery and Reinvestment Act, President Obama and Congress provided $4 billion in competitive grant funding to states that move forward with innovations and reform in education.
Earlier this fall, at our request, the Wisconsin Legislature passed bills to make Wisconsin both eligible and more competitive for the Race to the Top grants. Now our local school district leaders – school board members, superintendents, principals, teachers, and other staff – need to prepare their district for participation in Wisconsin’s grant application. Enclosed is the Race to the Top district memorandum of understanding (MOU) that the federal government requires participating districts to sign as part of the state’s Race to the Top grant application. The MOU provides a framework of collaboration between districts and the state articulating the specific roles and responsibilities necessary to implement an approved Race to the Top district grant.
The MOU is divided into two parts – Exhibit I and Exhibit II. To receive any Race to the Top funding, a district must agree to the activities in Exhibit I. Districts that agree to Exhibit I are eligible, if they so choose, to participate in Exhibit II. In Exhibit II districts will receive additional funding for participating in the additional activities. Exhibit I is included in this information and Exhibit II will be forthcoming in the very near future.

“Memorandum of Understanding” [208K PDF]:

I’m told that Madison’s potential intake of “Race to the Top” funds is less than 1% of the current $400MM budget.
Related: US National Debt Tops Debt Limit.