Muskingum County Investments

by Brittany Harris on February 10, 2011 at 9:26 am

Muskingum County is currently battling a shrinking budget.

Last month it was discovered that around 2.2 million dollars in county money has been sitting in a non-interest bearing checking account since July of 2010. The county investment committee met with Treasurer Phillip Murphy on Thursday to find out why money that could have been gaining interest in another account, has been idle.

"We’ve been working on the budget now for several months and and we’re looking at a 1.9 million dollar deficit and we have to get it wherever we can," said Muskingum County Commissioner Jim Porter.

Treasurer Phillip Murphy said he planned to make changes to the checking account at Huntington National Bank with the intention of transferring those funds to another institution, but never got around to it. He said if the account would have earned interest, it could have made around $1,900.

"That is one positive thing that has come of this is, I’ve had several different institutions step up and offer either increased rates or reduced fees which will more than offset actually the interest that was lost," said Murphy.

He is continuing to do research on the potential offers and will have those funds moved by tomorrow. The county has budgeted for around $800,000 dollars in revenue and interest for 2011. The next investment meeting will be held on March 10th at 2 p.m.