Muskingum County Commissioners met as part of the investment committee Thursday afternoon.
Treasurer Phil Murphy told commissioners that two of their CDs had matured. One for $8m and another for $5m. The money has been placed into a money market account which will still gain interest until it’s decided where to move the money.
"The difficulty we got right now is the interest rate environment is so poor on CD investments," said Murphy. "The best rate I can get right now is about a half of one percent for a two year term."
That means if the monies were put back into CDs they would be earning a lower interest rate then they were before. Commissioners also wouldn’t be able to touch the money for two years. That’s why Murphy is looking at investing in Government Securities.
"I can often earn a higher rate of interest and it’s still very safe in those types of investments," said Murphy.
Murphy said that county departments continue to work well watching spending during a tight budget and economy.