State to audit job-creation program (Grow Iowa Values Fund)

[Debi]

http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=/20060601/BUSINESS04/606010405&SearchID=73246352053430


State Auditor David Vaudt said Wednesday he plans to audit the Grow Iowa Values Fund to determine whether the state's economic development program is creating the jobs leaders claim. Vaudt said he's pursuing the audit at the request of Rep. Ed Fallon, a Democratic candidate for governor. Among Fallon's primary opponents is Mike Blouin, the former director of the Iowa Department of Economic Development.

<snip>

Tina Hoffman, spokeswoman for the economic development agency, said the state auditor examines the department's programs annually as required by law, but is welcome to take a closer look the Iowa Values Fund. She said leaders have created a series of "checks and balances" to safeguard taxpayer dollars. All contracts include "clawbacks" that allow the state to recoup money from companies that fail to reach their goals.

Hoffman noted that many of the state contracts give companies three to five years to create the new jobs pledged. In October, companies told the state they had created 6,000 jobs and created $825 million in new buildings and equipment.

Those companies, the state reported, had met about 30 percent of the job and investment goals. Overall, the businesses had pledged to invest $3 billion in new buildings, equipment, research and training. They also have promised to create and retain about 18,300 jobs.


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[IA_Seth]

1. I was just going to post this...

Too bad this wasn't done 6 months ago.

I am interested to see the results.

[Debi]

2. Hopefully they're not as convoluted as the IVF document previously

provided. I wasted SO much time on cross-matching what was in the IVF information and what was on record in the IDED/IVF Board Minutes.

Not once in the IVF info did it note that the 'average wage' listed was not the wage that would be paid to employees. Hmmmmm. I also don't remember Vilsack or his lap dog telling us that we would not see any results for a good five years after THEY invested OUR tax dollars.

Ed was right on this one - and I agree with you, Seth, this should have happened a long time ago.

[rurallib]

3. Good. My recollection is that Vaudt is a bulldog.

Now if Blouin wins Tuesday he may have some good amunition or something to explain depending on what Vaudt finds.
Geez, this should be an annual event with clearly understood reports.

[Debi]

4. Agreed

It should have been part of the set-up of the IVF. Transparency in government is something that Vilsack has suffered with (and paid for) now Blouin is fighting the battle and he's not even Governor (yet :scared:)

[Broke Dad]

5. There were amendments in 2002 to make the Values Fund transparent, but . .

The Republicans lead by State Senator Larry McKibben made a deal with Vilsack that they would pass the Values Fund if he would agree to let the "board" "handle" the venture capital like "venture capitalists" or "vc" which basically means rape and pillage startup businesses and demand a 10,000% return on their investment. Vilsack is Mr. Secret, so he says "Deal!" State Senator Joe Bolkcom and others offered 39 separate amendments in the senate to bring more accountability and transparency to the Values Fund. Vilsack calls individual Democratic State Senators at their desks on the senate floor and tells them to withdraw ALL of their amendments. Dusky Terry was on the senate floor to be Vilsack's enforcer. It was enough to make me cry. :-(

I hope Vaudt honors the tradition of retired Auditor Richard Johnson and tells the truth about whatever he finds, and let the chips fall where they may. Richard Johnson stood up to Branstad when he was cooking the state books to pretend that he had a balanced budget, and that will always make Johnson a hero in my book.

If a few more "secrets" like Jane Barto at Iowa Workforce Development running interference for CIETC are brought to light . . . somebody named Thomas J. is goin' to have a whole lot of 'xplaining to do . . . Might be too busy 'xplaining to go to Washington, DC

[Debi]

6. Heh, heh, Tom not go to Washington?

NOT enough to make me cry!!! :bounce:

Sad to hear this about Dusky Terry though. Agree with you :(