Assembly Bill 397 proposes amendments to the reporting requirements for recipients of economic development grants and loans from the Wisconsin Economic Development Corporation (WEDC). The bill raises the threshold for requiring a schedule of expenditures from $100,000 to $500,000 and changes the submission deadline from 120 days after the end of the fiscal year in which the funds were expended to 120 days after the completion of program expenditures. Additionally, it introduces a new provision that exempts local governmental units and universities in the University of Wisconsin System from the schedule of expenditures requirement if they include the grant or loan funds in their current audit practices and submit documentation of their standard annual audit within the specified timeframe.

The bill amends current law by inserting language that clarifies these new requirements and definitions, particularly regarding what constitutes a local governmental unit. It specifies that the board must include these new requirements in contracts with grant or loan recipients, ensuring compliance and accountability while also streamlining the reporting process for certain entities.

Statutes affected:
Bill Text: 238.03(3)(a), 238.03