(KMOV) -- The Madison County auditor on Wednesday called for an oversight committee to review investments made by the county treasurer.
Last week, Madison County Auditor Rick Faccin told News 4 treasurer Kurt Prenzler’s wrong decision in selling bonds prematurely ultimately cost the county $1 million.
“In addition to a $1 million loss of county funds in 2011 incurred by Prenzler through a pre-mature sale of county bonds, investment income has dropped from $3,671,861 in 2009, before Prenzler was elected treasurer, to $573,817 in 2012, and $273,368 in 2013,” Faccin said in a news release Wednesday.
Faccin has called on the oversight committee to review Prenzler’s investments, including why he earned 0.21 percent on $130 million in investments this year.
Faccin told News 4 earlier this month the lack of return on investments could lead to an increase in fees and property taxes.
Prenzler has denied 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.”