The unfortunate situation with the EB-5 program presents an opportunity to reflect on the state’s approach to economic development. Among other responsibilities, the State Auditor’s Office examines various programs to determine whether they achieve the goals established by the Legislature. That is, are we getting our money’s worth?
To answer the question, we conduct performance audits according to Generally Accepted Government Auditing Standards. To do this, we need evidence that is sufficient and appropriate (i.e., quantity and quality). In the absence of such evidence, we cannot reach meaningful conclusions or make recommendations.
Unfortunately, some economic development programs present serious challenges. Here are some examples.
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