Created on Friday, 11 October 2013 Written by THE ASSOCIATED PRESS
COLUMBUS, Ohio (AP) — Ohio's nonprofit job-creation entity and the corporation it created through rights to state liquor proceeds have received a clean fiscal bill of health in an independent audit.
The KPMG review of JobsOhio and JobsOhio Beverage System was posted to the office's website Friday.
It covers the fiscal year that ended June 30, during which the beverage system issued $1.5 billion in bonds to purchase a 25-year exclusive franchise of Ohio's spirituous liquor business.
The beverage system reported a $129 million deficit after transferring liquor profits to JobsOhio to be used for operations and economic-development loans and grants. Business awards have not yet begun flowing.
JobsOhio's revenues for the period rose from roughly $6.2 million to $188 million. Operating expenses also rose, from $4.4 million to $5.5 million.