Rio Nuevo hires new CFO

2013-09-16T17:15:00Z Rio Nuevo hires new CFODarren DaRonco Arizona Daily Star Arizona Daily Star

Rio Nuevo has someone new balancing its books.

Dan Meyers will now act as the districts new chief financial officer.

The board appointed Meyers at its last meeting.

He replaces outgoing CFO Bill Allen who was started last August.

Allen resigned recently to take a position in the private sector. He declined to name which company he will be working for.

“I came from the private sector and now I’m going back,” Allen said.

Meyers was the runner-up for the position last summer when the district sought full-time help with its myriad bank accounts and complex finances.

He will be paid $100 an hour with his hours limited to 20 per week.

Allen was paid $85,000 a year.

The arrangement is temporary, as the board considers a more permanent solution in the future.

Allen did give the board a going away present.

He discovered Wells Fargo bank had placed around $1.6 million of Rio Nuevo money in the wrong spot.

Allen said the mistake was just a calculation error by the bank. The bank parked the money in one account when it should have been in another, he said.

The windfall now puts the district over $14 million in total funds.

Rio Nuevo Chairman Fletcher McCusker praised Allen’s performance with the district. He said Allen’s “birddogging” the money in this instance exemplified Allen’s tenacity in straightening out Rio Nuevo’s books. He said if it wasn’t for Allen, the district would likely have lost out on the $1.6 million.

Contact reporter Darren DaRonco at 573-4243 or Follow on twitter @DarrenDaRonco

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