IRRRB Audit

A recent audit discovered the IRRRB has not been overseeing its loans and grants close enough.

The Iron Range Resources and Rehabilitation Board has been around since 1941.

The Eveleth based development agency helps lead economic development activities in northeastern Minnesota.

But a recent audit discovered the agency has not been overseeing its loans and grants close enough.

The audit report found limited evidence many loans and grants from the IRRRB have met their objectives and even called the structure of the agency vulnerable to constitutional challenge.

Those were just some of the findings presented to Minnesota State lawmakers.

The audience included members of several house committees.

The main speaker was Minnesota’s legislative auditor.

“In our evaluation we found that the IRRRB needs to have some tuning up and some improvements in its operations. 7:52 and that will take the work of the administration,” said Jim Nobles, Minnesota legislative auditor.

The IRRRB’s commission said he welcomes and embraces the findings.

He believes the recent audit report will help them make improvements.

“What they’re helping us with is an evaluation tool on how well we can do our work or how should we change or invest more or less in things. We’re embracing that,” said IRRRB commissioner Mark Phillips.

The auditor’s recommendations include: examining whether loan applicants can complete projects without IRRRB funding; taking steps to ensure loans will create jobs; and more consistently determining how well grants meet stated objectives.