Allen tells MacIver News Service that the Legislative Audit Committee will not conduct a performance audit of the conduit bond agent. Committee co-chairwoman, Rep. Samantha Kerkman (R-Salem Lakes) said the committee has chosen other projects to focus on.
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A former IRS director tells MacIver News Service the probe and its finding against the Public Finance Authority is most unusual, that there appears to be “something funny about the whole income streams” of the development deal dependent on the bonds.
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The vetoes improve the state’s general fund balance by $16.5 million in the 2017-19 biennium and by an estimated $71 million in the 2019-21 biennium, according to a statement from the administration.
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When asked “what is the public purpose of the PFA,” I was told economic development. Yet the economic development generated by PFA’s work is mostly happening outside of the state of Wisconsin and outside of the boundaries of the “local” jurisdiction of the PFA itself. Only 1.9 percent of the total debt issued by PFA has been for Wisconsin projects.
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