More than $2.6 million in gambling revenue set aside for loans to women- and minority-owned businesses hasnít been awarded yet, state auditors reported last week.
Since Marylandís first casino opened in 2010, more than $4.4 million from slot machines has been placed in the Small, Minority and Women-Owned Businesses Account, designed to give grants to fund managers that in turn provide loans to eligible businesses.
In fiscal 2012, $1.87 million was moved from the account, which receives 1.5 percent of slots proceeds, to the stateís Education Trust Fund, leaving a balance of $2.6 million.
But as of June 30, the Board of Public Works hadnít awarded any grants from the account to fund managers that would oversee the loans, according to the state Office of Legislative Audits.
The board agreed with the auditís findings and has taken steps since then to administer the grants, according to staff.
In August, the board delegated oversight of the program to the state Department of Business and Economic Development, which currently is procuring fund managers, Sheila McDonald, the boardís executive secretary, wrote to auditors Oct. 12.
— Daniel Leaderman