The Muskingum County Investment Committee discussed the status of investments with the county commissioners Thursday.
With 50 million dollars invested total, Century National Bank holds approximately one third of the county’s investments totaling around 18 million dollars. Century National Bank Vice President and Trust Officer Jody Spencer says interest rates play a critical roll in investment returns and will not be an overnight fix, especially in a downturned economy.
"Right now the projection form the Federal Reserve is that we will continue to be in this extremely low interest rate environment and possibly continue into late this year and possibly even into the first quarter of next year depending on the economy," says Spencer
Spencer says one of the ways they have invested for the county is by investing in agencies over treasuries.
"We’ve got on average close to or at about 0.2 percent increase per year on the yield versus the pure treasury bills themselves but we do invest in treasury bills and agencies but right now we see quite a few agencies in the account right now," adds Spencer.
Muskingum County Treasurer Phil Murphy says investments have a direct impact on the county’s general fund and would of course like to see more of a return on investments, but given the current state of the economy, the county along with Century National Bank and Huntington Banks are doing the best they can to invest the county’s funds.