State Treasurer Riley Moore wants safeguards on economic development loans after audit finds low repayment rate | WDVM25 & DCW50

CHARLESTON, W.Va. (WDVM) — An audit lately revealed that the State of West Virginia misplaced greater than $25 million in a enterprise mortgage program managed by the state financial improvement authority.

The loans have been made practically 20 years in the past throughout the administration of former Governor Bob Smart and former State Treasurer John Purdue. However incoming State Treasurer Riley Moore says he’s placing new safeguards in place to safe any such loans. Moore, who was elected in November, is insisting the legislature require quarterly reporting on the standing of the loans, that such loans meet sure certification necessities, and that the state treasurer has oversight over mortgage expenditures.

These controls, says Treasurer Moore, ought to have been locked into this system from the beginning. Going ahead, he insists, the state will likely be vigilant about any such loans.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *