Audit discovers massive mismanagement problems & millions of lost dollars at Scott Walker's job-cre
Barca made a statement which I think was weak. A good ad needs to be made of this mess!
Audit discovers massive mismanagement problems & millions of lost dollars at Scott Walker's job-creation agency http://ln.is/wisconsingazette.com/e8hzQ …
Audit discovers massive mismanagement problems and millions of lost dollars at Scott Walker's job-creation agency
http://www.wisconsingazette.com/wisconsin-gaze/audit-discovers-massive-mismanagement-problems-and-millions-of-lost-dollars-at-scott-walkers-job-creation-agency.html
Written by AP and WiG reports
Sunday, 21 September 2014 08:31
Gov. Scott Walker’s semi-private job creation agency does not have documentation justifying its spending on expenses and grants, according to a report released Sept. 19.
The Legislative Audit Bureau’s report examined the Wisconsin Economic Development Corporation’s finances over fiscal years 2011-12 and 2012-13. Auditors found the agency’s spending on administrative expenses such as salary, marketing and travel grew from $11.2 million in the first year to $15.1 million in the second.
Auditors reviewed 223 non-payroll administrative expenditures and found instances ........
Spending on grants to businesses, economic development organizations and local governments grew from $14.7 million to $15.2 million during the time period, the report said. Auditors reviewed 44 grant expenditures and discovered errors in processing and that some supporting documentation wasn’t adequate. For instance, documentation for two grant expenditures didn’t include disbursement requests WEDC had approved..........
Nearly $1.7 million in loan repayments were past due as of Dec. 31, 2013. The audit said the balance of loans with past due payments totaled $5.5 million, suggesting the agency might not be able to collect that money.
The Milwaukee Journal Sentinel, a pro-Walker newspaper, said the agency has made "progress on bad loans by writing many off." ....
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