Legislative Audit Bureau Release biennial review of Wisconsin Economic Development Corporation
Legislative Audit Bureau Report: The Wisconsin Economic Development Corporation (WEDC) has been Wisconsin’s lead economic development organization since fiscal year (FY) 2011‑12. Section 13.94 (1) (dr), Wis. Stats., requires us to conduct biennially a financial audit of WEDC and a program evaluation audit of WEDC’s economic development programs. This is our fifth biennial audit of WEDC.
We found that WEDC largely complied with statutes and its contracts when administering its programs in FY 2019‑20, but it should improve how it oversees tax credit contracts and assesses program results. WEDC’s online data contained inaccuracies and were incomplete, and its total available funding for grants, loans, and administrative costs continued to exceed its total payments. We make recommendations for improvements and provide three issues for legislative consideration.
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