Don't Drink the Tea. Think With the WE.
Integer eget dui ante, a vestibulum augue. Suspendisse lorem diam!
Nov
2016
18

Report Details the Striking Failure of Virginia’s Leading Economic Development Agency

This is a typo. Their actual  slogan is, "Business Without Anything Bordering on Oversight"

This is a typo. Their actual slogan is, “Business Without Anything Bordering on Oversight”


submit to reddit  

The Virginia Economic Development Partnership (VEDP), which serves as Virginia’s leading economic development agency, is the subject of a scathing new report from the Joint Legislative Audit and Review Commission (JLARC). The watchdog agency says gross mismanagement left the VEDP open to fraud for the better part of two decades:

Oversight? Accountability? Performance? All wanting, according to a scathing report by the Joint Legislative Audit and Review Commission:

“VEDP lacks many of the fundamental components of organizational management needed to operate efficiently and effectively and to coordinate well with external entities. Key elements missing from VEDP’s operations include a deliberate strategy to meet its statutory responsibilities, adequate operational guidance for staff to carry out their job responsibilities, effective accountability mechanisms, useful performance measures, reliable data upon which to evaluate performance, and effective coordination with external partners. Without these elements, VEDP risks wasting limited resources and failing to meet its statutory requirements.”

Over the last ten years alone, the VEDP dolled out $384 million in grants and incentive funds

Gov. Terry McAuliffe (D) is already taking heat for this, but the responsibility spans multiple administrations. Virginia is know for a laissez-faire attitude toward business development and the use of public monies:

The Virginia Economic Development Partnership approves grants without much oversight, doesn’t keep track of its employees and also doesn’t seek repayment from companies that received state money but failed to keep their promises.

A prime example is a Chinese firm known as Lindenburg Industries, which got $1.4 million to convert a factory in Appomattox County into a new business with hundreds of jobs. Nothing happened. The situation is said to be under investigation by the State Police.

The VEDP is sure to come under even more scrutiny when the new legislative session begins in January.

advert

No Comments on “Report Details the Striking Failure of Virginia’s Leading Economic Development Agency”

No one has commented on this entry yet.

Leave a Reply

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Anti-spam image