2019-05-09 Commissioners of Trust Funds Minutes

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were accounted for. However, the funds were not moved at the bank to account for all the Trust Funds disbursement. The previous Treasurer had separated the cash for the Trust Funds accounts, from the General Fund cash and because of this change all the receipts and disbursement had to be moved at the bank on a monthly, quarterly or yearly basis the same way as they were done on the account books. The funds were supposed to be moved between the General Fund Cash account and Trust Fund Cash account. Ms. Klepeis mentioned that this change would require money movement at the bank frequently and wasn't as efficient as It would be If the cash was together with the General Fund, and Mr. Kume agreed. The only benefit this had is that it keeps the interest from the Wells Fargo account and the allocation among all Trust Funds more manageable however it requires frequent money movement depending on the expenses that Trust Funds incur. Mr. Kume Informed the Commissioners that because of this the cash at hand was different than what we had however due to the consistency of planning by the Commissioners there wouldn't be a negative impact on the Trust, It was just a true up among the bank accounts. Meeting Notes Ms. Klepeis ask Mr. Daly to table the meeting notes to the next meeting, and Mr. Daly approved. Review Cash Flow portfolio,discuss Investment changes and Trust Balances Reports Mr. Daly informed the Commissioners that there was a lot of confusion and uncertainty in the equity market. Friday the SPDR was at $294 and on Sunday night after the president had tweeted related to China trade was the SPDR was at $286. The President was scheduled to have a dinner tonight with China representatives, and that would be directly related to the tariffs. If tariffs at 25% are imposed, there will be a drop in the market, and no one knows how much it will drop. Trust Funds Scholarship and Award Amounts Mr. Kume brought up the Parker Interest-Free loan and mentioned that out of all the amount that was authorized last year; there were two left that were not claimed. With that in mind and what the available balances we could only authorize 2 loans for this year. On a motion by Ms. Klepeis. seconded by Mr. Daly. two $2000 each interest-free loans were authorized for this year by a vote of 3-0, Reading Response Program Ms. Klepeis made the following motion for all the recommendation that the Reading Response Program sub-committee had suggested. On a motion by Mr. Klepeis seconded by Mr. Daly moved to eliminate the Respite Car Program as suouested by the sub-committee by a vote of 3-0 On a motion by Ms Klepeis, seconded by Mr. Daly moved to expand the transportation policv to include transportation for clients with dialysis at 2 rides per week within a 10-mile radius excluding Boston was approved by a vote of 3-0 Page 1 2