Investment Committee Meeting

by Brittany Harris on May 2, 2011 at 6:51 am

The Muskingum County Commissioners held their monthly investment committee meeting on Monday afternoon.

One of the purposes of the day’s meeting was to adopt a new policy for the committee which consists of members Jerry Lavy and Jim Porter.

"How many members you have, where you can invest, keeping current with our investments, how many meetings you have a year, stuff like that," said Commissioner Jim Porter.

The commissioners had asked Treasurer Phil Murphy to bring the investment portfolio report for 2010, account balances, and other bank statements to the meeting, but he failed to show up. Due to the delay in receiving the requested reports, Porter said they’ve had to apply for a 30 day extension to their state audit last week. He said this can have an impact on the county.

"If we don’t get these reports, it’s going to affect our CAFR and that will affect our ability to borrow money and our bond rating that’s our main concern right now," said Porter.

Porter said at this point, all he wants is for Murphy to show up to work and do his job. WHIZ News was able to get in touch with the treasurer who said he was unaware that the meeting had been rescheduled and is currently working on the needed reports and will have them finished by tomorrow. The next meeting is scheduled for May 12th.