Audit: TNInvestco not paying off
NASHVILLE (WDEF) – The Tennessee Comptroller takes a shot at an investment plan set up by lawmakers and the Governor.
The Comptroller’s Office conducted a performance audit on the TNInvestco program.
Tennessee has invested $200,000,000 into the public-private venture capital program since it began in 2009.
The money is used to fund start-up companies to create new jobs.
The audit found that as of the end of last year, the state has only gotten back 2.6% of that investment.
The law did not set up any designated amount that the start-ups should return to the state.
But the audit predicts that by the end of the program in 2021, we won’t come close to getting our money back.
“We’re dealing with taxpayer money, and it doesn’t appear that the TNInvestco program has been successful,” said Comptroller Justin P. Wilson.
“In the future, the administration and the General Assembly should consider the effect on taxpayers before even considering similar programs.”