2017-10-19 Commissioners of Trust Funds Minutes

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Town of Reading "�,.. Meeting Minutes •lw M.r I-'� orf, C ' I (y 9, .':0 OCr� that the budget was set and voted on April 25t`, 2012 by the commissioners. Mr. Kume also mentioned that the current expenses for Reading Response Program in the first 3 months of the year were higher than the previous years. If they continue at this.rate we might need to revisit the budget for the reading response program. The members agreed to, ; revisit this subject in the next meeting. Mr. Cohen reviewed the SPDRS positions and suggested to sell some of the positions to realize some capital gains. Mr. Breire asked, why and Mr. Cohen explained that these gains do not count as income and were nontaxable. He explained that it was more of an accounting move. Mr. Cohen suggested we sell SPDRS lots with 445 and 355 and opened up the discussion for the reinvestment timeframe of the proceeds. After a small discussion between Mr. Daly and Mr. Berman it was agreed to reinvest for a 6 months period. Mr. Holmes asked Mr. Cohen for an explanation of why we sell and buy back SPDRS. Mr. Daly explained the logic of a long term investment strategy and the benefits of realizing capital gains as income and not cash. He also explained that cash earned no income, selling and reinvesting over a period of time increased the income in the long run. Mr. Berman asked if we get charged commission on the trades and Mr. Daly confirmed that we do get charged but at a preferred rate. On a motion by Mr. Cohen seconded by Mr. Berman, it was decided to sell two lots of SPDRS at market mand reinvest within a period of 6 months starting in November. The lots are 1/22/10 - 445 shares and 4/26/12 - 355 shares The motion was approved by a vote of 5-0-0. Ms. Klepeis explained that the Elderly and Human Service had picked up a lot of work and had helped a lot with the Reading Response Program. She distributed to the Commissioners a memo from Jane Burns outlining the specifics and the details related to what the Elderly and Humans Services department had provided. Ms. Klepeis informed the members that we pay a stipend of $3K a year however considering the amount of work Elderly and Human Service do, she proposed an increase the stipend for Elderly and Human Services from $3K to $6K in order to cover some of the overhead. On a motion by Ms. Klepeis, second by Mr. Daly, the Commissioners voted to increase'the stipend for Elderly and Human Services from $3K to $6K. The motion was ap rop ved by a vote of 5-0-0 Mr. Daly and Ms. Klepeis mentioned that Hallmark Health had some high turnover in staff. This had impacted communication and marketing for the program. Ms. Klepeis had to contact them and address the concerns. Ms. Klepeis spoke with the head of nursing services and she assured her that there will be funds allocated for the marketing of the program and now that they had new staff communication will also improve. W. Berman mentioned that he had attended RCASA annual meeting. Mr. Berman informed that the $2K expenditure to RCASA for the Reading Interface Referral Service though William James College to coordinate cases and connect people in need with providers, was successful. There had been 60 placements in a 6 months period. Mr. Berman asked if all the position for the associate members were filled for the Trust Fund Commissioners. Mr. Berman explained that the Board of Selectmen was doing a full review of all member positions across all Town boards and committees. W. Berman explained that the new strategy will speed up the replacement of any board or committee members. It will allow for a wider selection of candidates hopefully increase the number of resumes for candidates interested in any open position. Ms. Klepeis confirmed that all available member positions were filled. On a motion by Ms. Klepeis, seconded by Mr. Daly, it was voted that Mr. Cohen,would be the Chairman of the Commissioners. The motion was approved by a vote of 5-0-0. On a motion by Ms. Klepeis, seconded by Mr. Cohen, it was voted that Mr. Daly would be the Vice -Chairman of the Commissioners. The motion was approved by a vote of 5-0-0. The next meeting date will be Dec 7t', 2017 at 7:00 pm. On a motion by Mr. Cohen seconded by Mr. Daly, the Commissioners voted to adjourn its meeting at 8.15 p.m. by a vote of 5-0. Respectfully submitted, Secretary Page 1 2 2013-09-03