Port Authority Transfers Funds

POSTED BY: Nichole Hannahs
Wednesday, May 16, 2012 - 12:59 PM

Reinvestment of money from a sale of land and the transfer of funds topped the Zanesville-Muskingum County Port Authority agenda.

The Port is concentrating on moving $2.7(m) in cash left from the land sale to Halliburton. The goal is to move that money into different funds so they can continue to make reinvestments without making any rash decisions.

"Some of that may be improving the ground we still have at Eastpointe because there are some utilities, there's some grading and compacting activities that have to occur," said Executive Director Mike Jacoby.

The accounts will be set up into a rail fund and a site reserve fund that will still allow the Port to move money back into their general fund or to other projects.

"The auditor for the county manages our money," explained Jacoby. "They have rules on how money is moved between accounts and brought back out of accounts so we're trying to separate that money and roll that money off, but do it in a way the auditor feels appropriate and complies with the law."

As a further sign the board may soon invest money in another job ready site like that at Eastpointe the board interviewed several engineering firms and are talking to their top choice to get an estimated cost of a feasibility study to begin the project.


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