Committee flags treasurer vacancy, $4.2M idle funds and asks council to consider STAR Ohio enrollment

The Nelsonville Finance Committee discussed a treasurer vacancy that has left roughly $4.2 million in the city's money market account uninvested and voted unanimously to send the question of permitting investment in STAR Ohio to full council.

The auditor told the committee that investment income for 2026 is tracking well below last year and that the city holds approximately $4.2 million in a money market account "that is not being actively invested invested due to the treasurer vacancy." Citing approximate STAR Ohio rates of 3.83%, the auditor said those funds could generate an estimated $160,000 annually compared with the city's current pace of about $84,000. "This represents a material ongoing revenue loss to the city and a compliance concern under ORC 135," the auditor said.

The auditor said they are performing about 20 hours a week of treasurer duties (bank reconciliation and transaction confirmation) but that it is not appropriate for the auditor to sign checks. Committee members agreed the posted job description and pay (the position was advertised at $250 per month) are likely underdescribed for current needs and discussed converting the role to a part-time paid position. The auditor and members noted that any changes to the office description or the duties that would affect how the position appears on the ballot must be finalized by Feb. 1 to be in place for the next election cycle.

A council member moved to forward to full council the question of whether to allow the auditor to enroll the city's funds in STAR Ohio or for other authorized investment mechanisms; the committee approved the motion by voice vote (three in favor). Committee members also agreed the auditor should pursue enrollment steps with the Ohio Treasurer's office while the council considers the policy question.

The committee did not itself change investment policy or authorize investments; it forwarded the question to the full council for policy action and instructed the auditor to pursue enrollment and provide clarification on fund allocations among city accounts.