Lawrenceburg Now

Friday, January 7, 2011

LUS Financial Officer Asked To Resign In Wake Of Controversy

   The Chief Financial Officer for Lawrenceburg Utility Systems has tendered his resignation after having been asked to do so by members of the Utility Board.

   Officials report that CFO John Cain was asked last week to resign after it came to light that he had been utilizing a means of keeping the city’s water and sewer systems in the black that is no longer allowed by law.

   Officials indicate Cain had been transferring around $60,000 per month for the past two years from the city’s electric department fund to the water and sewer department in an effort to keep that fund out of the red. In total, officials say Cain transferred some $2.8 million without authorization.

   Officials are quick to point out that no illegal actions were taken by Cain, but rather poor judgment was exhibited on his behalf. Also, that no funds are unaccounted for, but are simply not where they were supposed to be.

   Law requires that the monies taken from the electric department fund be repaid. The city will have a five year period in which to comply.

   A special meeting of the Power Board is in session Friday morning, as they work to determine a means of rectifying the matter.

Tell a friend about this page!
Their Name:
Their Email:
Your Name:
Your Email:

Free JavaScripts provided
by The JavaScript Source

.