2017-10-19 Commissioners of Trust Funds Minutes

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OFR Town of Reading 43'x Q Meeting Minutes 9' 11tC0RQ��P� n Board -Committee - Commission - Council: Commissioners of Trust Funds ZB11 DE 21 -A 10:. 4.S 0 Date: 2017-10-.19 Time: 7:00 PM Building: Reading Town Hall Location: Lower. Level Conference Room Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: Elizabeth Klepeis, John Daly, Barry Berman, (Veil Cohen and Endri Kume Members - Not Present: Others Present: Richard Holmes and Kevin Breire Minutes Respectfully Submitted By: Endri Kume Topics of Discussion: Mr. Cohen called the meeting to order at 7:00. On a motion by Mr. Cohen, seconded by Mr. Berman the Minutes of the 8/3/17 meeting were by a vote of 5- 0=0. Mr. Daly provided a brief portfolio update. There were two bonds that were called. One bond was replaced and Mr. Daly was going to follow up with Greg Lee, the Wells Fargo agent, to see if he had found a replacement for the second bond. Mr. Daly mentioned that the equity market is on its high. The portfolio is expected to receive $269K in investment income and no changes are needed at this time. Ms. Klepeis opened the cash flow discussion. Mr. Kume mentioned a few assumptions that the cash flow was -based on. The cash flow forecast did not include any investment gains or losses and the donation and bequest section was heavily based on prior year data. Mr. Kume provided two reports from the Wells Fargo online portal which provided live data from the portfolio. One of the reports showed the expected. income and the other one current allocation. Mr. Cohn asked if he could see the Trust Balance Report for the prior year for comparison. Mr. Kume mentioned that the report was available and will bring a copy for the next meeting. Ms. Klepeis provided her liaison report for the Reading Response Program. Ms. Klepeis informed the members that she had a meeting scheduled to revisit the Mass Tran contract for a potential change in rates and possible cut backs in usage. Mr. Berman mentioned that if people were using it may be we need to spend more money for the program. Ms. Klepeis responded that there were a lot of challenges and the vendor was not -doing a good job. The schedule that they provide service had limited hours. Ms. Klepeis mentioned that the vendor provided services only between 9AM and .2PM. This made it tough for some residents that need service outside of this time frame. Ms. Klepeis indicated that if we try to grow the program, we might get better rates and services. Mr. Cohen asked when the meeting was scheduled and Ms. Klepeis informed the members it was scheduled for November 3rd in Danvers, MA. Mr. Cohen summarized that Ms. Klepeis will fill in everybody .once she has collected all the info. If necessary Mr. Cohen mentioned that the board might invite the vendor for a meeting. Mr. Berman asked why we don't have a second vendor. Ms. Klepeis said that they had looked into it but we did not provide enough business so that made it difficult to attract vendors. Mr. Berman asked for how long the contract was in place for and Ms. Klepeis said that the contract was open ended. Ms. Klepeis had asked Mr. Kume to check the policy and see where the cap on the medical transportation program came from. She was curious as to where the $40k budget for Reading Response came from. Mr. Kume reported back Page i 1 1 2013-09-03