Audit: economic development agency underreported investments

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LANSING, Mich. (AP) – Two audits found Michigan’s economic development agency and a related state board were underreporting investments by millions in draft reports.

The Auditor General on Tuesday released two reports, which say the two state entities corrected inaccurate financial information after the auditor’s review.

The audit found a board that offers economic development grants to businesses called the Michigan Strategic Fund had understated its investments by more than $15 million. The Michigan Economic Development Corp. understated its investments by $3.1 million.

The audit says the agency could do a better job to ensure it has the correct internal controls to accurately record its finances.

MEDC Chief Financial Officer Amanda Bright McClanahan says they only understated finances in the draft reports. She adds final reports were accurate.

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