CT Senate GOP on CT Innovations Audit: “We Must Have Processes To Gauge Performance.

Sen. Henri Martin and Sen. Stephen Harding issued the following statement regarding a state audit which found that Connecticut Innovations, Inc. (CI), the state’s quasi-public venture capital firm, did not sufficiently monitor whether companies participating in business assistance and incentive programs complied with requirements in their Connecticut presence agreements.

(https://wp.cga.ct.gov/apa/wp-content/cgacustom/reports/FullReports/Connecticut%20Innovations%20Incorporated%20FULL_20251007_FY2023,2024.pdf)

“As we noted after last year’s audit of CI:

A key measure of success for any taxpayer-funded government entity that is working to grow private sector jobs is how many jobs did our tax dollars actually help create and retain in Connecticut?

We must have processes in place to gauge performance.

CI has again pledged to address its lack of monitoring controls over the validation of jobs.

Senate Republicans will continue to emphasize the importance of evaluating all of our government incentive programs to make sure taxpayers are getting the most bang for their buck.”