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Monday, January 26, 2015

Ohio Village Finds Itself Slightly Overwhelmed by Oil and Gas Money

This report on New Matamoras, Ohio comes from the Marietta Times:
The village saw its 2015 general fund nearly quadruple Wednesday night as officials accepted a check for more than $300,000 from Marietta-based MNW Energy LLC at the Village Council meeting. 
Mayor John Schmidt was hesitant to say how the village will spend the $307,687.25, which was received as an up-front payment for leasing the mineral rights under 72 acres owned by the village to Triad Hunter for five years. MWN facilitated the lease. 
“I’ve got committees and every committee is going to be involved in this with input to the rest of the council. We’ve made no decisions whatsoever,” said Schmidt. 
Town finances are tight. The village has only barely managed to operate in the black for the past three years, noted Schmidt. 
The $300,000 check was so large that village clerk Patty Martin sought guidance on how the village should handle the funds. 
“I called the state auditor’s office because we’ve never received this much money before. She told me we need to put this in the general fund,” explained Martin.
The original article can be viewed by clicking here.

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