State Treasurer Lynn Fitch (R) has suspended the MPACT program as it undergoes an audit. The program, a darling of former State Treasurer and now-Lt. Gov. Tate Reeves (R) is apparently underwater and may cost the state millions of dollars. The Clarion-Ledger put a Geoff Pender article up about three hours ago, and it has some staggering numbers. From the article:
Based on current contracts maturing through 2018, Fitch said initial numbers show the program would need more than $94 million from the state to “make it whole” and keep it as it was running, and about $64 million if it were closed permanently.Yikes.