SB 769

This bill appropriates $50,000,000 annually to the Wisconsin Economic

Development Corporation for the following purposes:

1. The expenditure of moneys for any economic development program WEDC

is administering as of the date on which the bill becomes law if the expenditure

assists economic development in a rural county.

2. The expenditure of moneys for any economic development program WEDC

begins administering after the date on which the bill becomes law if the expenditure

assists economic development in a rural county. The bill requires passive review by

the Joint Committee on Finance before WEDC first expends moneys appropriated

under the bill on each such program and requires WEDC to adopt policies and

procedures establishing, to the extent feasible, matching requirements for any such

expenditure.

3. Subject to passive review by JCF, awarding grants to other authorities and

state agencies if WEDC determines that an authority's or state agency's expenditure

of the grant moneys will assist economic development in a rural county.

Under the bill, WEDC must submit a report to the Department of

Administration no later than June 30 of each fiscal year that describes in detail

WEDC's use in that fiscal year of the moneys appropriated under the bill and must

repay appropriated amounts to the state that WEDC does not expend or encumber

in that fiscal year.

The program under the bill sunsets after 20 years.