CHEYENNE, Wyo. – The Wyoming Business Council (WBC) today acknowledged the completion of a special audit by the Wyoming Department of Audit. Auditors found no evidence that public funds were improperly spent or that spending violated Wyoming law.
The audit, which covered the period from July 2019 through March 2026, further concluded that the Business Council administered and expended public funds in accordance with applicable laws and identified one finding related to the documentation of expenditures.
The audit was performed to fulfill a provision in the 2027/2028 Budget Bill, where the Wyoming Legislature appropriated $100,000 from the state’s general fund for an audit of the Business Council. It was delivered July 1, 2026, to Governor Mark Gordon, the Joint Appropriations Committee, and the Joint Minerals, Business, and Economic Development Committee.
The Business Council board’s executive committee reviewed the findings line by line and provided its response in a letter to the audit recipients.
“We hold the Business Council to high standards of fiscal responsibility and accountability, and we welcome independent oversight. This audit affirms that the agency is operating responsibly while identifying a limited number of opportunities to further strengthen our documentation practices,” said Derek Smith, WBC Board Chairman.
“We recognize that some may try to use this audit to advance a political narrative or cast the Business Council in a negative light. The findings simply don’t support that,” Smith continued. “After examining nearly seven years of operations, the auditors found no improper spending, no violations of law, and only a small number of minor documentation-related findings. That’s a strong outcome by any reasonable standard. As a board, we’ll continue to ensure the agency implements the recommendations and maintains the high level of accountability Wyoming taxpayers expect.”
The audit’s single finding involved documentation supporting a small number of sampled transactions. During testing:
- One transaction out of 222 samples contained a documentation discrepancy totaling $316.32.
- Nine transactions lacked complete supporting documentation, totaling $520.61.
- Other issues included minor mathematical differences and documentation gaps totaling $439.03.
Based on the audit’s projection methodology, the documentation findings would affect an estimated maximum of 0.09 percent ($34,006.70) of the $38.98 million in general fund expenditures administered by the Business Council during the audit period.
“The audit provides an independent review of nearly seven years of Business Council operations,” said Josh Dorrell, CEO of the Business Council. “We’re pleased that it confirms our overall stewardship of public funds while also identifying opportunities to strengthen our internal documentation practices. We take those recommendations seriously and are already working to implement them.”
The audit further found that approximately 84 percent of Business Council expenditures support grants and loans that directly benefit Wyoming communities and businesses, while approximately 16 percent support agency operations, including personnel, travel, technology, conferences, and related administrative expenses.
“We are committed to continuous improvement,” Dorrell said. “Strong financial stewardship means not only complying with the law, but continuously improving our processes to ensure taxpayers have confidence in how public resources are managed.”
The Business Council has already begun implementing the audit’s recommendations to strengthen documentation requirements and internal review procedures.
