Audit: WI economic agency s performance improved over last fiscal year
Published
WEDC
MADISON, Wis. - The performance of Wisconsin’s troubled economic development agency improved over the last fiscal year but it must sharpen its oversight of tax credit contracts, policies on closing contracts and the accuracy of online data, according to an audit released Wednesday.
The Legislative Audit Bureau s biennial review found the quasi-public Wisconsin Economic Development Corporation largely complied with state law and its contracts when administering tax credits, loans and grants to businesses during fiscal year 2019-20. As of December, the agency had awarded about $250 million to businesses to help them through the pandemic.
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By Associated Press
Apr 21, 2021 12:06 PM
MADISON, Wis. (AP) â A new audit shows the performance of Wisconsinâs economic development agency is improving but still lacking.
The Legislative Audit Bureau released its biennial review of the Wisconsin Economic Development Corporation on Wednesday.
The report says WEDC largely complied with state law in fiscal year 2019-20.
Auditors noted, however, that the agency didnât always award tax credits for wages paid as required by law and sometimes waited more than a year to revoke tax credits for businesses that didnât live up to their contracts.
The audit also noted that since WEDC was created in 2011 only about third of award recipients created their planned number of jobs.