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.”
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