Cincinnati railroad trust fund is off to a good start. Will it keep its momentum? | Opinion

Editor's note: Handshakes and Headshakes are my quick takes on local events, groups or newsmakers whose actions, decisions or performance deserves to be celebrated or called out.

It's way too early for a victory lap, but Cincinnati Southern Railway Board members must be smiling. The $1.6 billion Cincinnati Southern Railway Trust is off to a good start.

The trust has grown by $14 million in its first two months, according to the first quarterly update on the fund released Tuesday. That's already more than half of what the city would have received from Norfolk Southern's annual $25 million lease payment. The city sold the railroad to Norfolk Southern Corp. on March 15 after voters approved the transaction in November.

Enquirer Editorial: Time for Cincinnati to get out of the railroad business

No one knows for sure where the markets will go − we're dealing with stocks after all − but, so far, the trust is trending in the right direction. And after such a nasty, contentious campaign to convince voters that selling the railroad was in the city's best interest, that has to be a relief for the railway board.

"It was such a heavy lift," said Amy Murray, a member of the railway board. "The amount of volunteer hours and energy that went into doing a deal like this was tremendous. I think we are in a good situation. So far, so good."

And that's with UBS, the international money-management firm the board selected to invest the money, playing it relatively safe. Murray said the railway board chose to invest a lot in bonds and are "slowly" going to venture into equity markets as the months go on. She said board members want Cincinnati residents to have confidence in how money from the railroad sale is being invested and spent. To that end, the railway board plans to put all of that information on its website for the public to see.

More: Norfolk Southern’s fourth-quarter profit falls 33% as Ohio derailment costs continue to grow

The railway board, which took its share of slings and arrows during the campaign to sell the railroad, deserves some kudos. Board members have been thorough, transparent and are doing and reporting their work in public. Tuesday's update from UBS felt more like an investment meeting between a client and money manager that was focused on best returns than a government meeting. But, the presentation was impressive and the report was comprehensive with detailed accounting. The railway board is doing what it said it would do. They are being good stewards of the public's money.

Meanwhile, I'm shaking my head at all the railroad sale naysayers. After all the concerns expressed during the campaign about the city "killing the goose that laid the golden egg" by selling the railroad, not a single detractor showed up for this important update on the trust. Only the news media was there.

A year ago, folks had an excuse for not showing up to railway board meetings − most Cincinnatians didn't even know the board existed or that the city owned a railroad. But residents are more than aware now, and the railway board provides notifications of its meetings. Look, no one expects every railway board meeting to be packed to the rafters, but one would think at least one or two of those critics would have taken time out to check on railroad money they fought so hard to protect. Their absence makes me wonder if all that outcry was genuine or just politics. Had the trust taken even a slight dip, I'm sure critics would be coming out of the woodwork, and the chorus of I-told-you-sos would be deafening.

More: Without oversight, $1.6 billion railroad fund ripe for mismanagement, waste | Opinion

It remains to be seen if the trust fund will perform at the high end of investment return estimates ($80 million), and the roller coaster ride that is the stock market is sure to be filled with peaks and valleys moving forward. But for now, the railway board can and should take a bow.

Opinion and Engagement Editor Kevin S. Aldridge can be reached at kaldridge@enquirer.com. X, formerly known as Twitter: @kevaldrid. You can message him with any nominations for handshakes or headshakes.

This article originally appeared on Cincinnati Enquirer: Cincinnati Southern Railway Board being good stewards of trust fund