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Report says over $80 million in taxpayer is being wasted

January 29, 2001
By: Michelle Wirth
State Capital Bureau

Millions of dollars that could fund teachers salaries, computers and roads is being wasted by Missouri's local government and school systems, according to a new state audit report. Michelle Wirth has more from Jefferson City.

The report says that Missouri school systems and local governments are buying bonds from local groups rather than opening it up to competition. State auditor Claire McCaskill says that the lack of competition has led to higher interest costs.

Actuality:Claire McCaskill
RunTime:
OutCue: best interest rate
Contents:

McCaskill says, "it would be a little bit like if you were to go out and get a visa card; would you talk to one person about the rate on that visa card, or would you try to go to as many different places as you could, to see where you could get the best interest rate?"

McCaskill says her office plans to educate local school systems and governments in order to fix the problem. From Jefferson City, I'm Michelle Wirth.

Millions of dollars in taxpayer money has gone down the drain according to a new state audit report. Michelle Wirth has more from Jefferson City.

The report said that a majority of local governments and school districts purchased bonds from in-state businesses rather than opening it up to out-of-state bidding.

McCaskill says that the lack of competition led to higher interest rates and loss of money.

Actuality: McCaskill
RunTime:
OutCue: last 3 years
Contents: McCaskill says,"this audit translates very conservatively into a loss to taxpayers of over 80 million dollars in the last three years."

McCaskill says the extra money used for interest could have funded projects such as roads, salaries, and computers. From Jefferson City, I'm Michelle Wirth.