The Jacksonville Economic Development Commission doesn't properly monitor economic incentive agreements, according to a report from the Council Auditor's Office, leading to hundreds of thousands of dollars having to be recovered.

JEDC is also lax in its oversight of Cecil Field, the former Naval base the city has labored to turn into a commercial center.

Read the audit report (opens on scribd.com)

"The lack of basic internal controls and procedures has resulted in financial losses for the City of Jacksonville," the auditor said in the report issued Wednesday.

Among the findings in the report:
• JEDC didn't verify job creation data provided by companies.
• No one checked to make sure companies were using the number of small and emerging businesses required by contract.
• Templates used to figure out incentive payments had incorrect formulas, resulting in both over- and underpayments.
• Contractors at Cecil Field billed the city for a variety of un-allowed expenses, including a blood pressure monitor, DirectTV service and a coffeemaker.
• JEDC did not widely advertise bidding opportunities, resulting in fewer companies bidding for jobs.

According to the report, JEDC did not respond to the findings in a meaningful way. A call for comment was not immediately returned.

Check back with jacksonville.com and look in Thursday's Times-Union for additional information.