RICHMOND, Va. (AP) – A new report by the Joint Legislative Audit and Review Commission highlights inefficiencies and management problems at the Virginia Economic Development Partnership.According to the Richmond Times-Dispatch the report released Monday reveals that VEDP has done a poor job of vetting prospects to ensure they’re viable or requiring them to perform up to the state’s expectations.The agency, which was established in 1995, has awarded nearly $400 million in incentive grants the last 10 years. JLARC staff says the agency’s approach to administering the grants has been highly “unstructured” and has left the state vulnerable to fraud and poor use of limited resources.Among recommendations in the report is to withhold $1.5 million to support marketing initiatives that JLARC staff called ineffective and badly managed.
