Bipartisan bill requires annual WEDC audit

Legislation would require annual financial audit
Bipartisan bill requires annual WEDC audit
Gov. Scott Walker sits at the head of a WEDC meeting in Waukesha in early May.

A bipartisan group of legislators has introduced a bill that makes some changes to Wisconsin’s troubled economic development agency.

The legislation requires an independent annual financial audit of the Wisconsin Economic Development Corp. Currently the agency is audited every other year by the Legislative Audit Bureau.

The State Journal said the bill introduced Thursday also calls for fixed term for its board members, instead of serving at the pleasure of Gov. Scott Walker and legislative leaders.

The 2-year-old agency WEDC was harshly criticized in a recent audit which found it hasn’t followed state law, adequately tracked loans and sometimes gave money to companies that didn’t qualify. The Legislature’s budget committee has decided to block new WEDC funding until improvements are made.

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