UPDATE: WEDC board meeting to discuss audit - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

UPDATE: WEDC board meeting to discuss audit

Posted:

MADISON (WKOW) -- A new independent review of Wisconsin's quasi-private agency charged with leading economic development activities says considerable work needs to be done to fix operational problems that largely stem from the agency's hasty creation last year.

The Wisconsin Economic Development Corp. board received the report Tuesday.

Financial Institution Products Corp., a subsidiary of the Wisconsin Bankers Association, performed the review in the wake of a series of missteps at the agency created in July 2011 to replace the Department of Commerce.

The report says WEDC started with an incomplete infrastructure without a defined set of management reports and policies.

It also says issues at WEDC have been exacerbated by multiple turnovers in senior positions.

The report says all of the issues presented ought to be resolved.

********

MADISON (WKOW) -- The quasi-private board charged with creating jobs in Wisconsin is meeting to discuss a highly critical audit of its first year in operation.

The Wisconsin Economic Development Corp. board meeting Tuesday in Eau Claire comes the day after an audit by accounting firm Schenck SC cited numerous problems with the new agency including sloppy bookkeeping, poor accounting practices and critical staff vacancies.

The board was receiving a second independent report looking at its Tuesday meeting by Financial Institution Products Corp. That subsidiary of the Wisconsin Bankers Association was looking at the operations of WEDC and what improvements could be made.

Creating WEDC to replace the Commerce Department in July 2011 was one of Gov. Scott Walker's top priorities.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact Director of Station Operations Lisa Patrow at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.