WEDC Audit Poses New Concerns on Foxconn Deal
"WEDC’s track record of mismanagement and secrecy is troubling."
(MADISON) – Today, committee members on the Joint Legislative Audit Committee heard testimony on the most recent Wisconsin Economic Development Corporation (WEDC) audit. The audit, and past audits, have revealed that WEDC has a history of falling through on oversight and accountability, costing taxpayers millions since the agency was created in 2011. Additional information revealed by the audits found that the agency consistently failed to follow statutes and that the agency mismanaged taxpayer funds by failing to verify performance and enforce contractual terms agreed to by WEDC’s awardees. Today’s hearing failed to put ongoing concerns to rest and brought forward new questions on WEDC’s ability to oversee the Foxconn deal.
“WEDC’s track record of mismanagement and secrecy is troubling,” said Senator Lena Taylor (D-Milwaukee), “especially when it comes to managing a three billion dollar corporate handout.”
The Foxconn deal, spearheaded by the GOP and approved in September, tasks WEDC with negotiating the contract between the State of Wisconsin and Foxconn. At three billion dollars, this would be the largest state giveaway to a foreign company in U.S. history.
“When we are staking billions of dollars, to have WEDC single-handedly manage the deal without legislative or public transparency is extremely inappropriate. I am concerned about WEDC’s ability to hold Foxconn accountable for the job numbers they agreed to.”
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
More about the Foxconn Facility
- Foxconn Acquires 20 More Acres in Mount Pleasant, But For What? - Joe Schulz - Jan 7th, 2025
- Murphy’s Law: What Are Foxconn’s Employees Doing? - Bruce Murphy - Dec 17th, 2024
- With 1,114 Employees, Foxconn Earns $9 Million in Tax Credits - Joe Schulz - Dec 13th, 2024
- Mount Pleasant, Racine in Legal Battle Over Water After Foxconn Failure - Evan Casey - Sep 18th, 2024
- Biden Hails ‘Transformative’ Microsoft Project in Mount Pleasant - Sophie Bolich - May 8th, 2024
- Microsoft’s Wisconsin Data Center Now A $3.3 Billion Project - Jeramey Jannene - May 8th, 2024
- We Energies Will Spend $335 Million on Microsoft Development - Evan Casey - Mar 6th, 2024
- Foxconn Will Get State Subsidy For 2022 - Joe Schulz - Dec 11th, 2023
- Mount Pleasant Approves Microsoft Deal on Foxconn Land - Evan Casey - Nov 28th, 2023
- Mount Pleasant Deal With Microsoft Has No Public Subsidies - Evan Casey - Nov 14th, 2023
Read more about Foxconn Facility here
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