WATERFORD – A probe of missing town funds is likely to last through spring, an investigator with the Oxford County Sheriff’s Office said.

The department has been looking into the missing money – estimated at as much as $180,000 – since Feb. 4. According to John Bell, chairman of the Waterford selectmen, the town requested an investigation after an auditor noted discrepancies in the town funds.

Bell said the auditor will not look at the matter again until after April 15 because of tax season. He said he hopes the matter goes before a grand jury in June. Lt. Chris Wainwright, the sole investigator of the case, also said the issue will not be resolved for some time.

“It’s nothing that’s going to be completed quickly. It’s going to take a couple of months. The accountants are doing their job and I’m doing mine,” said Wainwright. “I’m looking at May.”

Bell has said that Jennifer Morin, a former deputy town clerk, is being investigated in connection with the missing money. Morin resigned on Feb. 3, and was replaced by a part-time worker.

Wainwright said he could not confirm if Morin is a suspect.

“I really can’t comment on any of the details without jeopardizing the investigation,” he said.

Bell said at the Waterford town meeting on March 1 that the initial estimate for the missing funds is between $160,000 and $180,000. He said the town has a $100,000 bond on each employee, which may be used to recoup some of the lost money.

Wainwright did not have a total figure for the missing funds on Wednesday.

“I don’t think any figure can be determined until the investigation is complete,” he said.

Bell said the auditor noted large balances in the intergovernmental and recreation receivables accounts, “indicating they were significantly behind in their payments to the town.” The auditor found that the sources for the two accounts did not agree with town records, and that the balances in the accounts had been increasing over several years.

Bell said the money appears to have been taken from the transfer station, whose funds are shared with Stoneham and Albany Township, and from the Waterford Recreation and Enrichment Club, an after-school program operating out of the Waterford Elementary School.

Bell said the missing funds will not affect the town budget.

Wainwright, a member of the U.S. Army Reserve, said the investigation will be continued if he is called to serve on active duty.

“I’m sure that if I was called up, it wouldn’t be put on hold for a year,” he said. “Someone else would take it over.”

According to the town’s Web site, the auditor will make management recommendations to the selectmen once the audit is complete and the selectmen have begun training on new accounting software allowing for dual controls. The board has also approved up to $5,500 for legal fees related to the case.