The Jackson County EDC had been accused of financial mismanagement. It was subject to an audit, but it could not give the auditors sufficient information to do their job. The bank’s records did not go back far enough. The matter was resolved to County Chair Brian McMahan’s satisfaction with a report from the county’s finance director stating the EDC had received $2,423,426 from the county between 1993 and 2007. The EDC gave $335,000 back to the county, and two properties with a combined value of $21,126,000 were returned to the county after their purchasers defaulted on loans.
“Not a single penny of taxpayer money has been lost,” McMahan said.
