Senate Bill 562 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 exemptions. Specifically, it states that recipients must submit a schedule of expenditures unless they meet the criteria outlined for local governmental units and universities. The definition of a local governmental unit is also provided, encompassing various forms of local government and federally recognized tribes. Overall, the bill aims to streamline reporting processes while ensuring accountability for the use of economic development funds.

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