2019-03-28 Commissioners of Trust Funds Minutes

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Mr. Daly mentioned that there was some concern around the market outlook due to an inverted yield curve for the 3-month paper and 10-year Treasury note. This Is considered a sign of recession; however, there are other factors that were Impacting the market, so there are different opinions from different analysts. Another factor that might have caused the inverted curve, Mr. Daly explained, could be the fact that some of the biggest investors are getting ready to buy some of the newest IPOs that are coming up, such as Lyft and Uber. This sell-off, in order to have the rash to buy, is a factor that might have affected the overall market. Mr. Daly also mentioned that when it comes to timing, most investors think that there will not be a recession for at least one year. Trust Funds Scholarship and Award Amounts After a few minutes and discussion the following amounts were decided: No. Scholarship&Awards Amount 1 Friends Reading Football $ 2,000 2 Kenneth Brown $ 25 3 Nathaniel Hill $ 75 4 No. Residents Assoc $ 600 5 Gilman L. Parker $ 225 6 Torre $ 500 7 Carl B. Sawyer $ 225 8 Hal Croft $ 240 9 Florence Nichols $ 800 10 Dennis Lehane $ 1,500 11 James Klepsis $ 725 12 Patron for Older Adults $ 1,200 13 Patrick Schettini $ 3,750 14 Joan Clifford Award $ 100 15 Exemplary Teacher- Berger $ 750 Total! $ 12,715 On a motion by Ms Klepeis seconded by Mr. Dalv the following amounts were awarded and approved by a vote of 4-0: Friends Reading Football $2.000 1 Kenneth Brown $25 1 Nathaniel Hill $75 1 No Residents Assoc. $600 1 Gilman L Parker $225 1 Torre $500 1 Carl B Sawyer$2251 Hal Croft $ 40 1 Florence Nichols $800 1 Dennis Lehame $1,500 1 lames KI o is $725 1 Patron for Older Adults $1.200 1 Patrick Schettini $3.750 1 Joan Clifford Award $100 1Exemplary Teacher - Berger $750 Reading Response Program Ms. Klepeis informed the Commissioners that the transition from Hallmark to Philips is almost complete. Hallmark has almost transitioned out from the process, and she recommended we stop paying the administrative fee of$450. On a motion by Ms Kleoeis seconded by Mr. Daly the 450 monthly administrative fee to Hallmark for service rendered was terminated effective next month by a vote of 4-0. Ms. Klepeis reminded Mr. Kume to follow up with Tom Crossman for a new contract with Philips. Ms. Klepels went over the recent issue with one of the clients for the Reading Response Program. MassTran had limited driver and couldn't provide transportation outside of the 10:OOAM and 12:30PM due to being short 2 drivers. A client needed transportation to a medical facility outside of these hours and had reached out to Elderly Services. Elderly Services had informed the client that they couldn't provide the service for the hours Page 1 2