SUMMARY

In fiscal year 2013‑14, WEDC administered 29 programs through which it provided $88.7 million in tax credits, authorized local governments to issue $28.4 million in bonds, and awarded $19.4 million in loans and $17.2 million in grants. WEDC did not consistently follow statutes or its policies when making grant, loan, and tax credit awards, and it did not comply with all statutory requirements related to program oversight. Although WEDC improved its financial management practices in FY 2013-14, we include recommendations for WEDC to revise its fund balance policy and to improve its administration and oversight of its programs.