CHARLESTON, W.Va. — State Treasurer Riley Moore said his office is proposing legislative measures that would increase oversight, transparency and accountability over taxpayer funds used by the state Economic Development Authority.
The announcement follows the release of a legislative audit which found the development authority took a $24 million loss on a taxpayer-funded venture capital program created in 2002 and failed to maintain adequate accounting documentation.
“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.”
Even before the audit was released, Moore was working with legislative leaders on proposals to strengthen his office’s oversight powers…