Madison Co. auditor says treasurer lost more than $1 million

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by KMOV.com staff

KMOV.com

Posted on May 7, 2014 at 6:18 AM

Updated Wednesday, May 7 at 6:58 PM

(KMOV) -- The Madison County auditor says the treasurer’s bad decision making ultimately cost the county $1 million.

Auditor Rick Faccin says Madison County treasurer Kurt Prenzler made the wrong decision in selling bonds prematurely. That decision, Faccin says, will cost the taxpayers of Madison County.

“There’s two courses of action that’s going to happen when you purchase these bonds,” said Faccin. “You’re going to make money or you’re going to make a lot of money.  We lost money because Kurt Prenzler sold the bonds. And ended up over 1 million dollars even against the advice not only of myself but a lot of other people.”

Faccin says it could lead to an increase in fees and property taxes.

Meanwhile, Prenzler denies Faccin’s claims.

“I’m investing the money safely and in accordance to Illinois state law, and in the same way other county treasurers invest their county’s money,” Prenzler said. “A million dollars was not lost, that’s not true.” 

Faccin says he will talk to the Madison County finance committee and recommend an oversight committee to go over Prenzler’s decisions.

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