With Private Revenue in Place JobsOhio to Refund Public Dollars
Company to Provide Auditor with Private Financial Records, but Seeks Legislative Clarification to Prevent Job-Killing Impact of Government Intrusion into Job Creators’ Confidential Records.
WITH PRIVATE REVENUE IN PLACE JOBSOHIO TO REFUND PUBLIC DOLLARS
Company to Provide Auditor with Private Financial Records, but Seeks Legislative Clarification to Prevent Job-Killing Impact of Government Intrusion into Job Creators’ Confidential Records
COLUMBUS – JobsOhio’s President and Chief Investment Officer John Minor announced today that the private funds derived from its bond offering allow JobsOhio to refund the $1 million in start-up funds it received from the State of Ohio in 2011. The JobsOhio Beverage System (JOBS), formerly the Ohio Business Development Coalition (OBDC), also will refund any grant dollars it received since July 2011 to do economic development for Ohio, even though such services were rendered by OBDC and JOBS. Upon doing so, there will be no more public funds at JobsOhio.
Minor also announced that JobsOhio will voluntarily comply with the subpoena issued by the Auditor of State, but strongly disputes the Auditor’s claim that he has authority to review such information or the confidential records of job creators who grow and expand in Ohio with the help of economic development incentives.
Minor noted that JobsOhio received a full audit in 2012 by national accounting firm KPMG, which has been available for public inspection.
JobsOhio will ask the General Assembly to clarify the law so that job creators will not turn away or leave Ohio for fear that their confidential business records would be disclosed to their competitors.
“The Auditor’s assertion that he can audit any private company, nonprofit, or charity that receives public funds will scare off new job creators and cripple economic development in our state. The General Assembly recognized the need for a private-sector approach to economic development when it created JobsOhio, but if there's still any confusion then we believe it should be resolved immediately,” said Minor. “JobsOhio’s private sector approach is clearly working to get Ohio back on track, helping to attract $9 billion in new investment to Ohio. Undoing the JobsOhio formula would undo that success and is not in the best interest of the state at this very important time in Ohio’s recovery.”
JobsOhio is a private, nonprofit corporation established in 2011 by Governor John Kasich and the Ohio General Assembly to promote job creation and economic development for Ohio.
For more information, contact:
Matt Englehart, JobsOhio