A state audit has found that the agency created to oversee New Orleans' biosciences district has failed to hold required hearings on its spending plan and had received only about 10 percent of its $1.6 million projected budget.
Auditors for Postlethwait & Netterville wrote the report for the Legislative Auditor's Office. They say the lack of money raises substantial doubt about its ability to continue.
Jim McNamara is president and CEO for the BioDistrict, formally known as the Greater New Orleans Biosciences Economic Development.
He tells The Times-Picayune his agency learned about the public hearing requirement in May 2012 - too late to hold hearings for 2011 or 2012. He says it held a budget hearing in December for a $1.6 million budget. Actual revenues totaled $175,371.