Ninety-four members of the Mississippi House of Representatives requested a review of the Institute for Technology Development (ITD) focusing on financial controls and jobs and personal income produced.
Federal auditors are satisfied that ITD’s financial system procedures and practices, including procurement, now comply with federal standards. The Institute has implemented several management controls, such as zero-based budgeting, designed to reduce waste.
With respect to ITD’s role in the creation of new jobs and personal income, ITD has fallen far short of its original promise of 25,000 jobs and $1 billion in new industry within ten years. Six years into its operation, the Institute claims creation of 625 high-tech and service sector support jobs and $14 million in income from new industry. Only twenty-three of these jobs are in private “spin-off” companies in Mississippi.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.