An advisory council established to ensure the stability of a state fund key to reclamation of abandoned mine lands is missing a statutorily required member representing environmental organizations after a
Audit prompts WVa treasurer to seek greater agency oversight
By JOHN RABYJanuary 27, 2021 GMT
CHARLESTON, W.Va. (AP) West Virginia Treasurer Riley Moore said Wednesday his office will seek greater oversight of an agency that a legislative audit says did not keep adequate records of a loan program intended to boost the state’s economy.
Moore, a Republican who took office earlier this month after defeating six-term incumbent Democrat John Perdue in November, said in a statement that the proposed transparency and accountability measures are aimed at taxpayer funds used by the state Economic Development Authority.
“As your new Treasurer, I am not going to sit idly by while unelected bureaucrats squander taxpayer money with impunity,” Moore said. “As the state’s chief financial officer, I have a fiduciary duty to ensure taxpayer funds are spent wisely with absolute transparency and accountability and I will do everything within my power to make sure this never happens ag
For The Inter-Mountain
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state.
SHORTCOMINGS The offices of the West Virginia Economic Development Authority in Charleston.
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state.
Audit prompts WVa treasurer to seek greater agency oversight Follow Us
Question of the Day By JOHN RABY - Associated Press - Wednesday, January 27, 2021
CHARLESTON, W.Va. (AP) - West Virginia Treasurer Riley Moore said Wednesday his office will seek greater oversight of an agency that a legislative audit says did not keep adequate records of a loan program intended to boost the state’s economy.
Moore, a Republican who took office earlier this month after defeating six-term incumbent Democrat John Perdue in November, said in a statement that the proposed transparency and accountability measures are aimed at taxpayer funds used by the state Economic Development Authority.