By Steven Allen Adams, The Intelligencer
CHARLESTON, W.Va. — Treasurer Riley Moore and Auditor J.B. McCuskey both called for legislation after a legislative report found that the West Virginia Economic Development Authority wasted nearly $25 million on failed venture capital programs.
In a press release Wednesday, Moore said he was working with the Legislature on bills to increase oversight, transparency and accountability for funds managed by state agencies after the Legislature’s Post Audit Division found the EDA lost track of a $25 million Non-Recourse Loan Program started in 2002.
“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 again.”
Moore is seeking greater authority for the Board of Treasury Investments, the agency that loaned the $25 million to the EDA for the venture capital loan program. Moore wants the board to have the ability to inspect all EDA financial and administrative records for loan and loan insurance programs that use funding from the board…
To read more: https://www.theintelligencer.net/news/top-headlines/2021/01/treasurer-riley-moore-auditor-j-b-mccuskey-call-for-legislation-after-west-virginia-economic-development-authority-audit-finds-millions-in-waste/