2017-05-11 Commissioners of Trust Funds Minutes

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... Town .of Reading Meeting Minutes Board.- Committee - Commission - Council: Commissioners of Trust Funds Date: 2017-05-11 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: Time: 7:00 PM I Ci`, ,a LE�,,i 1' E 1, it7, t 2011 SEP 25 P 1: 42 1 Location: Lower Level Conference Room . Elizabeth Klepeis, John Daly, Barry Berman,. Karen Jameson, Neil Cohen Members - Not Present: Others Present:. Richard Holmes and Sharon Angstrom Minutes Respectfully Submitted By: Sharon Angstrom Topics of Discussion: Ms. Klepeis called the meeting to order at 7:16. On a motion by Mr. Berman,. seconded by Mr. Daly, the minutes for the February 28 17 were accepted as amended The motion was approved by a vote of 3-0-1. The Commissioners reviewed the handout provided regarding the investments. Ms. Klepeis initiated a discussion regarding selling some investments while the market is high. Mr. Berman asked why Nye don't have an investment manager to manage the investments in between meetings. Ms. Klepeis explained that most of the funds are in bonds that we tend to hold to maturity. The equities are a smaller piece of the asset allocation, which includes 25% equities and 75% cash and bonds. Ms. Klepeis further explained that the individual stocks. held in portfolio were kept due to high dividends and that the majority of the trust funds are invested conservatively to preserve principal. After some brief discussion regarding cash flow. needs of the fund, Ms. Klepeis pointed out that it may makes sense to sell some investments to ensure there is adequate cash flow to fund the expenses of the fund. On a motion by Ms. Klepeis seconded by Mr. Berman, the Commissioners authorized the sale of 360 shares of the SPDERs that were originally purchased 11/23/09. The motion was approved by a vote of 5-0-0. On a motion by Ms. Klepeis seconded by Mr. Berman the Commissioners authorized the profits from the SPDERs sale to be reinvested in SPIDERS at a 1/3 a month'for three months. The motion was approved by a vote of -5-0-0. Ms. Angstrom pointed out to the Commissioners that $700 awarded for the Exemplary Teacher Award did not cover. the full costs of the awards given to teachers retiring. She informs the Commissioners that $161 of this expense was absorbed_ by the General Fund budget. The Commissioners took no action on this topic as they wished to stick with the original award amount Ms. Klepeis reported on the transportation request made by Sanborn Place. She states that HUD is providing housing,. but no meal.program or CNA services are being provided so the residents will need to pay to get these services. She points out that some of the residents are on Medicaid.. The Reading Response program picks up if they don't qualify for.Medicaid and provides transportation once a week to one of the 38 cities/towns we travel to. Page i 1 2013-09-03