Texas lawmakers require audit of development fund

AUSTIN, Texas (AP) -- State lawmakers have given final approval to a bill requiring an audit of Gov. Rick Perry's deal-closing Texas Enterprise Fund.

Lawmakers have been demanding closer scrutiny of the decade-old program that has given more than $485 million to private companies looking to expand or relocate in the state. Critics have questioned the fund, and Perry's similar Emerging Technology Fund, over accountability and impact.

The bill by Democratic Sen. Wendy Davis of Fort Worth requires the state auditor to examine the grant process and whether recipients have complied their contracts. The audit must be completed no later than January 2015.

Thursday's vote by the Senate sends the bill to Perry for his consideration to veto the bill or let it become law.