RHINELANDER, WI (WXPR) - The Director of the Wisconsin Economic Development Corporation says he thinks the worst is behind the beleaguered agency.
Reed Hall spoke Friday to the annual meeting of the Oneida County Economic Development Corporation. Governor Walker named Hall the permanent director in January after Paul Jadin left to head a private group. After Jadin left, reports surfaced that the W-E-D-C failed to keep track of past-due loans to businesses from the former Commerce Department. The corporation's chief financial officer left after that. In December, an audit uncovered missing safeguards, sloppy bookkeeping, and high turnover in the W-E-D-C. Auditors said it resulted in unrecorded financial deals, credit card records that were not checked for errors, plus the reports of uncollected loan payments. During a stop in Rhinelander Friday, Hall says they've had auditors go over the books and make recommendations to correct the problems.
Hall says the books need to be tightened, and that's being done. He says they will have a new CFO on board within 30 days and and new vice-president for credit risk who will be responsible for all the loans and tax credits.
Hall was Marshfield Clinic's executive director from 2000-to-2010, and was its general counsel for two dozen years.