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GOED Board Receives Third-party Incentive Program ReviewOctober 10 2014 - 1:17 pm
For Immediate Release
October 10, 2014
GOED Board Receives Third-party Incentive Program Review
Tanner LLC completes independent review of state incentive program
Salt Lake City, UTAH – At its regularly scheduled monthly meeting, the Business and Economic Development Board of the Governor’s Office of Economic Development (GOED) received the recently completed independent review of the state’s major business expansion and recruitment program.
The Economic Development Tax Increment Financing (EDTIF) program is a partner with major firms like Merit Medical, Adobe, Boeing and smaller firms like Enve Composites and BioFire in growing their business base and job creation in Utah. This is the fourth such review of the state incentive program administered by GOED.
Tanner LLC., one of the state’s leading CPA/Auditing firms conducted a review of GOED’s incentive contracts and, in fact, examined more than 63 percent of all recruitment and expansion transactions. While there are some important process improvements Tanner identified, the overall performance of the GOED team was recognized by Tanner for accurate and efficient work.
Additionally, the Board was pleased to learn from the Tanner auditors, that for the most part the independent evaluation found that, with a few minor exceptions; Tanner LLC, “did not encounter any instances of non-compliance with relevant ethical, statutory, contractual, or procedural requirements.”
The Tanner LLC partners, who presented, for example, noted that GOED under reported company job commitments by 89 jobs and had no over payments. In one other instance, GOED under paid a single firm by $2,000, which is being corrected by the staff.
Newly appointed GOED executive director, Val Hale, expressed appreciation to Tanner for the “accuracy and thoroughness of Tanner’s report.” Hale encouraged all interested parties to take the time to read it in full. “We are also confident it establishes that GOED has been working within statute to fulfill the mission given to it by the legislature to recruit and expand businesses and revenues within the state. As an independent firm, we believe that the Tanner results are objective and constructive.”
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or firstname.lastname@example.org