Bipartisan bill requires annual WEDC audit

CREATED May. 17, 2013

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MADISON, Wis. (AP) -- 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 (http://bit.ly/10waOqD ) says 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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Information from: Wisconsin State Journal, http://www.madison.com/wsj