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[WI] State jobs agency lost track of $8 million in overdue loans
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Contributor | RP |
Last Edited | RP Oct 18, 2012 04:13pm |
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Category | Oops |
Author | Jason Stein |
Media | Newspaper - Milwaukee Journal Sentinel |
News Date | Thursday, October 18, 2012 10:00:00 PM UTC0:0 |
Description | For more than a year, the state's flagship jobs agency failed to track whether businesses are repaying loans from state taxpayers - leaving the public in the dark about how much they are owed on a total of $8 million in past-due loans to 99 businesses.
The blunder - only the latest in a whole series of problems at the Wisconsin Economic Development Corp. - began at nearly the same time as the quasi-public authority championed by Gov. Scott Walker took over for the state's previous jobs agency.
The loans that are past due by at least 30 days - and in some cases much longer than that - amount to 16% of the state agency's total loan portfolio of $51 million in loans, said Ryan Murray, the WEDC's chief operating officer. Murray said he learned from staff late last week that the agency had stopped systematically tracking its loan collection efforts and has no records on those efforts since June 2011, the month before the WEDC started.
But Democrats were incredulous at the failure at the WEDC, which has been repeatedly touted by Walker as an agency that would be run like a business. |
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