Port Transferring Money to Increase Income

The Port of Shelton Commission authorized a transfer of funds from the Port’s checking account to their investment account in order to generate some income. Commissioner Sue Patterson, who serves as Treasurer, made the suggestion to transfer $500,000 Tuesday.

The transfer will cause a fee increase for the Port’s checking account but that will be offset by the increase in interest revenue from the investment account. The Port’s CPA, Jan Fancher, told the Commission the Port won’t need access to those funds until late summer.

The transfer was unanimously approved.