State Auditor Beth Wood is questioning whether an obscure agricultural loan program run by the state should continue, saying it's operating at a loss and issuing few new loans.
The N.C. Agriculture Finance Authority issued four new loans totaling $622,670 in 2012 and one new loan for $590,000 through the end of February. All told, the agency administers 47 loans with seven staffer, down from 169 loans at its peak in 2004, state auditors found.
It has operated at a loss for four straight years at about $270,000 a year.
Auditors questioned whether the authority was "cost effectively meeting its legislative mandate, saying if the authority is abolished by the legislature, it could return $1 million to the state's bank account.