2017-08-03 Commissioners of Trust Funds Minutes

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oFk�ao�y c r� H O,S38+?NCORQOaP Town of Reading Meeting Minutes TOWN CLERK READING, M S , Board - Committee - Commission - Council: Commissioners of Trust Funds . Date: 2017-08-03 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: 711:1 NOT- I AID-58:1 a8:1 11004WADIIl2 Location: Lower Level Conference Room Elizabeth Klepeis, John Daly, Barry Berman, Neil Cohen and Endri Kume Members Not Present: Barry Berman Others Present: Richard Holmes and Sharon Angstrom Minutes Respectfully Submitted By: Sharon Angstrom Topics of Discussion: Ms. Klepeis called the meeting to order at 7:02. On a motion by Ms. Klepeis seconded by Mr. Berman the Minutes of the 5/11/17 meeting were approved by a vote of ,4-0-1. Mr. Kume abstained as he was not present on 5/11/17. Mr. Daly provided a brief portfolio update. He reminded the Commissioners that at the last meeting the sale of 360 shares of SPDRS was approved with the agreement to reinvest the proceeds in SPDRS 1/3 each month for the next three months. Mr. Daly pointed out that the bond portfolio is stable with earnings of $269k per year through Wells Fargo. Mr. Daly states the market is currently hanging in there not going up or down. He mentions he believes interest rates may rise. Mr. Daly also points out that one of the equities in the portfolio, GE has been a disappointment as it is down 19% this year. The Commissioners reviewed the two applications submitted for Parker Loan program. On a motion by Ms. Klepeis, seconded by Mr. Daly,_application from Ashita Rao for the Parker Loan was approved by a vote of 5-0. On a motion by Ms. Klepeis, seconded by Mr. Daly, application from Emma Collins for the Parker Loan was approved by a vote of 4-0-1.Chairman Cohen recused himself because he knew the applicant. Ms. Klepeis discussed the Respite Program as well as the Memory Cafd program. She explained that at the Memory Caf6 program memory impaired individuals and their caregivers come to do activities together. The Caseworker gets to know them and arranges for Respite time for the caregiver to allow the caregiver some time off. Licensed Nurses Aids are used in the Respite Program. Three people are utilizing this program. Ms. Klepeis stated the Reading Response program is doing well with 142 Life Line, 14 Auto Alerts, 5 Cell Phones and 6 extra buttons for outside the home. Ms. Klepeis noted that a local facility, Sanborn Place fell on hard times and was forced to eliminate its transportation program. Mr. Berman asked if Reading Response costs for transportation has gone up in May & June due to the elimination of transportation at Sanborn Place. Ms. Klepeis responded that she wasn't sure of the impact. Page 1 1 2013-09-03