Two legislative panels sunk their teeth into the Wisconsin Economic Development Corp. on Thursday. A state audit has revealed evidence that WEDC gave taxpayer money to ineligible recipients and did not properly track loans and grants.
TheJoint Finance committee voted to give WEDC $59M in the 2013-14 state budget but nothing in 2014-15 unless it improves.
The Joint Audit committeegrilled WEDC executives for more than four hours.
The executive director of a Washington DC watchdog organization published a report prior to the creation of WEDC warning of potential transparency and accountability problems with similar public-private economic developments groups elsewhere.