Covering Louisiana

Oct 1, 2013 10:08 AM by AP/CS

Richwood submits financial plan to state

RICHWOOD, La. (AP) - The town of Richwood has submitted a financial plan to the Louisiana Legislative Auditor's Office that includes reducing employees' pay by 10 percent and implementing a hiring freeze.

The effort is an attempt to keep a fiscal administrator from taking over town's finances.

The Fiscal Review Committee, consisting of Legislative Auditor Daryl Purpera, State Treasurer John Kennedy and a representative of Attorney General James "Buddy" Caldwell has recommended 4th District Court appoint a fiscal administrator for the town.

The News-Star reports the matter should go before the court mid-to-late October.

Assistant Legislative Auditor Allen Brown said even though the town has its own plan, the court must decide if a fiscal administrator will take over town finances.

The Legislative Auditor's Office says Richwood's total debt is $616,000.

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