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Audit: Mich. fund reported false job-creation data
LANSING, Mich. (AP) - A state audit finds the Michigan Strategic Fund overstated job-creation data by companies that have received grants through government incentive programs.
Michigan's Auditor General report released Tuesday shows companies getting grants under the 21st Century Job Trust Fund's Centers of Energy Excellence Program met 19 percent of original employment projections. The Strategic Fund told the Legislature the companies created 75 percent of the jobs promised.
The fund administered by the Michigan Economic Development Corp. used self-reported data. The report says officials should have provided lawmakers with updated information and verified employment numbers.
The program distributed about $64 million to 12 companies as of March 31.
Development agency chief executive Michael Finney called the errors an "oversight." The Strategic Fund says it will "take steps to consistently report accurate program information."